Remittance inflow keeps falling

The inflow of remittance has fallen 21.65 per cent year-on-year in October to $1.64 billion, as per the latest data from the Bangladesh Bank.

It has been falling for the five consecutive months till October this year.

It fell 4.62 per cent from a month ago, as per the BB data.

Earlier in the pandemic, when strict travel bans were imposed in various countries, the inflow of remittance gained momentum and ballooned in the country.

However, many experts and bankers predicted the omentum would fail to sustain due to suspension in manpower exports since March last year.

Moreover, following the lifting of strict travel restrictions, the ‘hundi’ — an illegal cross border transaction system — has increased triggering the falling trend of inward remittance, they said.