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Remittance drops in March

Remittance drops in March

Staff Correspondent

Bangladesh received $1.99 billion in remittances in March, marking a 1.23 percent decrease from the same period last year, according to the Bangladesh Bank (BB).

The inflow of remittance was $2.02 billion in March last year. However, March's receipt was also 7.71 percent lower than the previous month, shows the BB data.

Due to the sharp devaluation of the taka against the dollar for the last two months, the flow of inward remittances fell below $2 billion in March.

In January and February, expatriate Bangladeshis sent home $2.16 billion and $2.11 billion respectively.

Due to the decline in remittance reserves, analysts in the sector note that the country's foreign currency reserves are experiencing negative growth.

On 27 March, Bangladesh's foreign exchange reserves stood at $19.45 billion, down by nearly $534 million a week ago. On 20 March, the foreign exchange reserves were $19.98 billion.

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