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Remittance Falls by 21.5%

Economic Tag: Remittance

Remittance inflows to Bangladesh experienced a significant 21.5% year-on-year decline in August 2023, reaching $1.59 billion, marking the steepest drop since April 2020. The decline is attributed to expatriate Bangladeshis opting for informal channels due to the substantial gap between official and unofficial exchange rates. This drop in remittances, which is the lowest in six months and 19% lower than the previous month, raises concerns about the country’s dollar reserves, which stood at $23.06 billion on August 30 and are expected to fall below $23 billion due to a $1.20 billion payment to the Asian Clearing Union for imports from eight Asian countries.

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