Migrant workers sent home $1.93 billion in November, marking a 21% increase from the previous year’s figures, according to data from the central bank.
This rise was attributed to banks offering higher rates for the US dollar to collect remittances.
Comparatively, last year’s remittance inflow for November stood at $1.59 billion. However, despite the year-on-year increase, November’s receipts were down by 2.42% from the previous month, as indicated by Bangladesh Bank data.
To address foreign exchange shortages and manage import bills, banks have increased their buying rate for US dollars. Some banks are going beyond the rates set by regulatory bodies like the Bangladesh Foreign Exchange Dealers Association (BAFEDA) and the Association of Bankers Bangladesh (ABB) by offering Tk 5 to Tk 6 more per dollar.
The exodus of Bangladeshi workers seeking employment abroad has notably surged. Last year witnessed over 1.13 million individuals leaving the country for jobs overseas, almost doubling the 617 thousand migrant workers of the preceding year.