Remittances from America almost halved

Remittances from America almost halved

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According to Bangladesh Bank data, the top 10 sources of remittance income are the United Arab Emirates (UAE), Saudi Arabia, the United Kingdom, the United States, Oman, Malaysia, Kuwait, Italy, Qatar and Bahrain. Together, these 10 countries account for 88 percent of total remittance income. However, remittances increased from three countries – UAE, UK and Oman and decreased from seven other countries.

Selim Reyhan, executive director of the South Asian Network on Economic Modeling (SANEM), told Prothom Alo that there has been high inflation in the country for the past few months, which is why it is normal that expatriates will send money home. In this case, there is no reason for the decline in remittance income.

Remittances are coming, but less through banking channels due to increase in hundi (informal money transfer channel). Usually such a situation arises when money laundering increases, he said due to less remittances through banking channels there is increasing pressure on foreign reserves, which is what prevented money laundering from coming out of the vicious circle of Hundi. should go.

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