Even if remittance income somewhat improved in the just-ended month of November, it is still far short of the two-billion-dollar target. In November, expatriates sent a total of $1.59 billion as remittances.
According to the most recent data provided by Bangladesh Bank on December 1, $1.59 billion in remittances arrived through the legal banking channel in November, which is the highest amount in the previous three months.
In the months from September to November of this year, the nation received remittances worth $4.65 billion, compared to $4.92 billion during the same period in FY22.
Data analysis also showed that, of the remittances received in November, $268 million came through state-owned banks and $321.70 million was received by specialized banks. Additionally, $5.2 million came from foreign banks and $1.28 million from privately owned commercial banks.
This amount was above $2 billion at the beginning of the current fiscal year, specifically in July and August, when expatriates sent $2.09 and $2.03 billion, respectively. But after that, remittance began to decline, as only $1.53 billion and $1.52 billion were sent by overseas wage earners in September and October respectively.
Also, the depreciation of the taka against the dollar is another reason for this.
