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Bank & Finance - March 2, 2023

Remittance drops 20pc in February

Staff Correspondent: The inflow of remittance from expatriate Bangladeshis dropped by around 20.29% in February to $1.56 billion compared to January earnings due to lower exchange rate.
The country received $1.96 billion in remittances in January, according to central bank data published yesterday.
A significant number of expatriates opt for Hundi as the exchange rate is lower in the banking channel as compared to the open market. At the same time, this month has three fewer days than January which is also a reason for lower remittance.
Bankers said that the flow is expected to increase in March as expatriates send huge remittances to meet household expenses before Ramadan. The total remittance inflow in the current financial year (July-February) stands at $14.01 billion. It was $13.43 billion during the same period of last financial year.

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