State-owned banks led remittance inflows by offering better rates for LC settlements amid a dollar shortage. They received $687 million in the first 22 days of February, surpassing their total of $659 million from January to March. Overall, banks received $1.93 billion in remittances, with private banks getting $1.09 billion. Asked about the surge in state-owned banks, several private bank managing directors said the market is rate-sensitive, with remittances flowing to banks offering the highest rates. State-owned banks are offering up to Tk122.70 per dollar, exceeding the central bank’s Tk122 limit, which has resulted in lower remittance inflows for private banks, they added.
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