Remittances to Bangladesh increased to a five-month high in January as banks made an all out effort to mobilize US dollars from abroad to ease the pressure on the foreign exchange market
According to data from the Bangladesh Bank, expatriates sent home $1.95 billion in January, the highest since $1.53 billion in September.
January's remittance was up 14.9% from the $1.70 billion in the same month last year and nearly 15% more than December's $1.69 billion.
The largest amount of remittances, totaling $354.94 million, were received by Islami Bank Bangladesh, followed by Mercantile Bank, $121.04 million, Al-Arafah Islami Bank, $117.10 million and Agrani Bank, $104.24 million.
Remittance inflows began to decline in August of last year, when earnings fell to $2.03 billion from $2.09 billion in July, according to data from the central bank.
The amount shrank to $1.53 billion in September and to $1.52 billion and $1.59 billion in October and November, respectively.
