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Dhaka Tribune

Remittances fall 10.27% in May

The country's foreign exchange reserves have already been negatively impacted by the declining remittances

Update : 01 Jun 2023, 08:30 PM

Remittances to Bangladesh decreased 10.27% year over year to $1.69 billion in May, despite a spike in the outflow of migrant workers.

Bangladesh Bank published information on Thursday. This unwelcome development could increase economic volatility.

Bankers blame the hundi cartel, an illegal cross-border financial transaction for the decline in remittances.

The country's foreign exchange reserves have already been negatively impacted by the declining remittances.

In contrast to $42.20 billion during the same time last year, the reserves were $29.91 billion on Thursday.

However, according to Bangladesh Bank data, remittances slightly increased by 1.13% year-on-year to $19.19 billion in the first 11 months of this fiscal year.


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