Remittance falls in October

Dollar-US

The inflow of remittance dropped by 24% in October compared to the previous month, said Bangladesh Bank data released yesterday.

Wage earners sent home $1bn in October compared to $1.3bn in September.

As Eid-ul-Azha was held in the first week of October, the previous month did see higher receipts from expatriates, said officials concerned.

“Remittance can increase ahead of big events like Eid. So September was a month when such thing happened and October, therefore, saw a  negative growth from that month,” said a senior executive of a private bank in Dhaka.

The October decline of remittance was also due to fall of dollar rate, he said. Dollar rate fell to Tk77.40 from Tk77.75 in last one year.

The exchange rate against Taka remained stable at Tk77.40 till yesterday.

The remittance from Middle East countries dropped by 16% to $696.49m in August from $828.75m in July, according to the central bank data.

Source: Dhaka Tribune

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