Representational photo: Collected-
Metropolis Desk-
Due to Eid-al-Adha and soaring dollar exchange rates, Bangladesh’s inbound remittances hit a 35-month high of $2.2 billion in June. Private sector banks made the largest contribution, processing $1.75 billion through six state-owned banks.
The unlawful hundi conduit was shut down, which enhanced remittance flows through legitimate channels. Remittances to Bangladesh totaled $21.61 billion in FY23, up 2.75 percent from the $21.03 billion received in FY22.
Before Eid-al-Adha, most expats sent money to their families, and the rise in Middle Eastern laborers was a factor in the general growth of remittance income.
While some banks give rates as high as Tk112-113 for each dollar, several banks still provide higher dollar rates for remittances.
The central bank has acquired dollars from some banks to boost its currency reserves, but senior officials contend that banks paying higher rates are hiding the additional cost of the remittance dollar and failing to record transactions to the central bank.
