Bangladesh receives $1.93bn remittances in November with 21% year-on-year growth

The inward remittance flow shrinked in November compared to the previous month

Remittances received by Bangladesh in November fell from the previous month but recorded a 21 percent growth year-on-year, raking in $1.93 billion.

The remittances amounted to $47.5 million less than what it was in October, when Bangladesh recorded a 30 percent year-on-year growth, surpassing the previous two months.

In November, the daily inward remittances on average stood at $4.3 million, though the first 17 days of the month registered $9.8 million daily in remittances, according to information released by the Bangladesh Bank.

After the central bank lowered the dollar price against the taka by Tk 0.5 on Nov 22, the daily remittances on average for the following two days was $2.2 million before it waned further towards the end of the month.

In the first five months of the fiscal year 2023-24, as much as $8.81 billion streamed into the country in remittances through banking channels.

According to the central bank, Bangladesh brought in $8.79 billion in the same period last financial year.

Bangladesh continued to lower the dollar exchange rate to increase the flow of remittances through banking channels, while raising incentives for remittances to attract senders.

The fresh dollar price set by the banks and the dealers took effect on Sunday.

Apart from remittance exchange rate, the dollar purchase price was set at Tk 109.75 and selling price at Tk 110.25.

The banks can buy remitted dollars from expatriates with maximum incentives of 2.5 percent, which is the same rate as the government incentives.

So the exchange rate for remittances stood at Tk 115.23 maximum.