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Expatriate Remittances Reach $774M in First 12 days of May

Economic Tag: Remittance

In the first 12 days of May, expatriates sent $774 million to Bangladesh through the banking channel. The majority of these remittances, amounting to $622 million, were received by the country’s 43 private banks. State-owned banks brought in $148 million, while foreign banks contributed around $3 million. Comparatively, remittance earnings were lower in April due to the celebration of Eid-ul-Fitr, with $959 million received in the first 14 days and $1.68 billion for the entire month. Bank insiders attributed the decline in remittance to the low exchange rate of the dollar. As per the latest decision of the Association of Bankers Bangladesh (ABB) and the Bangladesh Foreign Exchange Dealers’ Association (BAFEDA), banks now offer Tk108 per dollar. Expatriate remittances play a significant role in supporting the country’s economy and are vital for the financial well-being of many families in Bangladesh.

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