Bangladesh’s remittance income surged by 4.28 percent year on year to $14.01 billion during the July-February period of FY23. This value was $13.43 billion for the same time as FY22.
However, remittance income fell by 20.3% in February this year compared to last month. It stood $1.56 billion in February, compared to $1.95 billion in January 2023. During Ramadan and Eid, remittance inflows are expected to increase.
Remittances can also be accepted by providers of Mobile Financial Services (MFS). Incentives are still available in the sector. As a result of these factors, remittance income is higher than it was during the same period last fiscal year.
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