TDS Desk:

Remittance inflow in May has witnessed massive growth with over $2 billion entering the country from abroad in the first 29 days of the month this year.

Year-on-year, remittance in May has increased by 38%, according to Bangladesh Bank data.

With the latest addition, remittance inflow crossed $2 billion for the second consecutive month. Earlier in April, Bangladesh recorded $2.04 billion in remittances through bank channels.

According to the central bank, remittances totalled $2.14 billion during 1-29 May.

Remittances stood at $1.55 billion during the same period in May last year.

In the ongoing fiscal year, Bangladesh recorded $21.26 billion remittances from 1 July 2023- 29 May 2024.

At the end of the same period last fiscal, remittances stood at $19.27 billion, meaning remittance inflow increased by 10% this fiscal.

According to senior officials of several private banks, remittances have started to pick up since the central bank raised the official price of the dollar by Tk7 to Tk117 in one day earlier this month.

Banks are now buying remittance dollars at Tk118-119 maximum while remitters are getting at least Tk121 per dollar with 2.5% government incentive added to this.