Remittance inflow experienced a substantial year-on-year surge of approximately 17.06% in December, a boost attributed to the flexibility in the dollar rate allowed by the Bangladesh Bank.
According to data from the central bank, banks recorded remittances of $1.99 billion in the final month of 2023, a notable increase from the $1.7 billion received in December 2022. Bankers had previously anticipated that remittance inflows would surpass the $2 billion mark by the end of December, attributing the increase to a favorable exchange rate, reaching up to Tk122 for a dollar.
In the initial 22 days of December alone, remittances amounted to $1.57 billion, reflecting a remarkable 22% surge compared to the $1.29 billion received during the same period the previous year. This surge contributes to the broader upward trend in remittances, with the cumulative inflow reaching $10.79 billion from July to December in the current 2023-24 financial year.
Additionally, the remittance earnings for the entire fiscal year 2022-23 stood at $21.61 billion, indicating a significant contribution to the country’s economic landscape.