Remittance dropped 3.39 percent year-on-year to $1.14 billion in November, according to data from the central bank.
Remittance also fell in October, by almost 18 percent compared to the same month a year ago, as the week-long bank holiday for Eid-ul-Azha and Durga Puja put a break on the inflow.
In the last five months, remittance flow stood at $6.17 billion, a decline by 0.68 percent year-on-year.
The fall in the consecutive months could worry policymakers, as remittance sent by more than eight million migrant workers plays a crucial role in the country’s economy, helping reduce the overall incidence of poverty as well as maintain a healthy balance of payments.
Remittance has helped reduce the poverty level in Bangladesh by 1.5 percent, according to a World Bank study. The earnings also account for about 60 percent of the country’s foreign currency reserves, providing Bangladesh with a strong and stable external position.
Remittance would also play a crucial role in the coming years as the country sets out to implement its seventh five-year plan, and sustainable development goals. Development partners have also suggested the government mobilise more funds from domestic resources.
In the last fiscal year, migrant workers sent home $15.31 billion in remittance, the highest in the country’s history.
Source: The Daily Star
