Bangladesh receives $1.98b remittance in Oct, highest in four months

Bangladesh received $1.98 billion in inward remittances in October, the highest in four months, thanks to an increase in dollar rate as well as increase in incentives.

According to the central bank data, expatriates sent $643 million more remittances in October compared to September, having a growth rate of 48.20 per cent. Remittances stood at $1.33 billion in September, which was the lowest in the last 41 months.

Earlier in October 2022, Bangladesh received $1.59 billion in remittances.

The remittance incentive has been increased from 2.5 per cent to 5 per cent at the end of this month for which remittances have come in higher this month.

In the first four months (July-October) of the current financial year 2023-24, Bangladesh received $6.88 billion in remittances. It is 4.36 per cent lower than the amount received ($7.19 billion) in the same period of the previous fiscal year.