Remittance rises 22% in August

Remittances sent home by Bangladeshi migrants rose 22 percent year-on-year in August, but the inflow stood below $3 billion for the third consecutive month.

In August this year, expatriates sent $2.96 billion, according to the latest data from the Bangladesh Bank.

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The latest figure is also 3.77 percent higher than that of the previous month.

Industry insiders said the inflow of remittances is not on a bad trend, but the monthly figure remained below $3 billion due to the war in the Middle East.

After May this year, remittance inflows have continued to stay below the expected level, they added.

At a time when export earnings are weakening, import costs remain high, and repayments of foreign loans continue to put pressure on the economy, remittances could provide crucial support in meeting external payment obligations, including import bills, bankers said.