Remittance inflow falls 10.84% last month

Remittance inflow into the country has dropped 10.84 per cent last month as banks fixed the US dollar rate for remittance collection.

Bangladeshi expatriates sent $1.53 billion in September, down from $1.72 billion in the same month of the previous fiscal year, says Bangladesh Bank.

The inflow of remittance in September also fell 24.42 per cent compared to the previous month. The inflow stood at $2.03 billion in August this fiscal year.

Industry insiders said that the remittance inflow fell in September due to mainly the fixing of the US dollar rate for remittance earnings.

On September 11, the Bangladesh Foreign Exchange Dealers’ Association (BAFEDA) set a maximum of Tk 108 for the foreign exchange houses to collect remittances.

On September 27, the rate for remittance collection fell to Tk 107.50 per dollar effective from October 1, which may come as another blow to the remittance earnings.