[ Business ] 02/11/2022 |
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Remittance falls by 7.4% in Oct |
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Remittance
declined further in October, intensifying the pressure on the
government to manage its macroeconomy amid plummeting foreign exchange
reserves. The expatriate Bangladeshis sent home to the tune of
$1.52 billion in October, down 7.4 per cent from a year ago and down 1
per cent from September this year, according to data from the Bangladesh
Bank. The
inflow has been facing a downward trend since August, bringing
adversity to the country's economic stability as a whole, a central bank
official said.
Remittances also decreased by 2.03 per cent year-on-year to $7.19 billion in the first four months of the current fiscal year. If
the declining trend of remittance continues in the days ahead, the
ongoing volatility in the foreign exchange market will deepen, the BB
official said.
The country's foreign exchange reserves stood at
$35.85 billion on October 26 in contrast to $46.49 billion in the same
period a year earlier.
The banking regulator should motivate
banks to mobilise more remittances with a view to easing the ongoing
stress on the foreign exchange market. The lower inflow of
remittances also played a vital role in depreciating the local currency,
which stood at Tk 104.34 on October 31, down 22 per cent year-on-year. |
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