Remittances down 16.28% in April on low exchange rate
Md Baijid Mollah
Remittances inflow to the country fell by 16.28% in April this year compared to the same period last year.
Banking sector insiders said the remittance inflow dropped as banks offered a lower exchange rate in April compared to that in March.
According to the central bank, the country received $1.68 billion in remittances in April 2023, while it received $2.01 billion in April last year.
Even in March this year, Bangladesh received over $2 billion in remittances – around $350 million more than that in April.
Bankers said the remittances inflow to the country usually increases in the month of Eid compared to other months. Banks expected that it would be the same this year, but that did not happen. Monthly remittance inflow was high in March as over 20 banks offered up to Tk114 per dollar, but it was low in April as most banks paid $107 per dollar for remittance.
An analysis of the central bank's data shows that overall remittance has decreased but it has not decreased equally in all banks. Out of around 60 banks in April, 28 banks saw an increase in remittance income, while 22 banks witnessed a decrease compared to March. The remittance income of the remaining 10 banks remained stable.
Mostly private banks witnessed the drop in remittance. In March, private banks received $1.73 billion in remittances, which dropped to $1.38 billion in April. Private banks' remittance income fell by $348 million in one month.
