The country's remittance flow reached $2.30 billion in October following the collapse of Sheikh Hasina's government, as confirmed to the media by Central Bank Spokesperson and Executive Director Hosne Ara Shikha.
In October 2023, remittances totaled $1.97 billion, representing a 16.75 percent increase compared to the previous year 2022. As of October 30, the country's foreign exchange reserves stood at $19.87 billion, according to the BPM6 system.
Remittances reached $2.40 billion in September. Over the two months of August and September, the total remittances entering the country amounted to $4.63 billion.
Remittance flows tend to rise when there is a shortage of foreign exchange necessary for importing fuel, fertilizers, and essential commodities for the private sector.
Financial experts and bankers identify two primary reasons for the increase in remittance flows. First, there has been a significant reduction in the under-invoicing of import bills, a practice that previously led to substantial money outflows but has decreased in recent months.
Secondly, there has been a marked decline in money laundering through informal channels such as hundi. This reduction has lowered the demand for dollars in the hundi system, resulting in a greater influx of dollars through official government channels.
bd-pratidin/Mazdud
