Bangladesh receives remittances over $2bn in March

Bangladesh's remittance earnings crossed $2-billion mark last month, giving a much-needed impetus to the falling forex reserves.

Officials at Bangladesh Bank (BB) and bankers think the expatriate Bangladeshis working abroad normally send more remittance ahead of Eid festivals so that their near and dear ones can celebrate such festivals properly.

"This time, the cost of products is comparatively high because of the growing inflationary pressure. It forced the remitters to send more money back home. The higher remittance inflow is a reflection of it," a BB official seeking anonymity said.

The BB official expected the volume of remittance to increase further in this month when the Muslim-majority country will celebrate Eid-ul-Fitr, a religious festival for Muslims across the globe.

The latest Bangladesh Bank (BB) data show that Bangladeshi nationals working abroad sent in foreign currencies worth $ 2.02 billion last month, up by 29.29% ompared to the earnings in the previous month of February when the South Asian economy received $1.56 billion.

The expatriates remitted home $ 1.86 billion in the corresponding month of March in 2022.