The remittance inflow in Bangladesh experienced a fluctuation, reaching $794.4 million in the initial 10 days of November 2023 but declining to $698.54 million by day 14. This volatility is attributed to Bangladesh Bank’s changing decisions regarding remittance handling.
Initially allowing higher rates for USD collection, the central bank reversed its decision on November 8, instructing banks to collect remittances at Tk116. The total remittance inflow stood at $1.49 billion as of November 24. Banks’ inconsistent adherence to directives and frequent changes in incentive policies by the Association of Bankers, Bangladesh (ABB), and Bangladesh Foreign Exchange Dealers Association (BAFEDA) contributed to the confusion, leading to varying remittance rates and impacting market stability.