Remittances increase by 21% in October

Remittances from Bangladeshis abroad surged by 21.31 percent year-on-year to reach $2.39 billion in October. However, this inflow was 0.41 percent lower than in September. From July to October of the current fiscal year, remittance earnings totaled $8.93 billion, up from $6.87 billion during the same period last year, according to central bank data.

Industry experts suggest that this upward trend in remittances will help ease pressure on foreign exchange reserves. Since April, monthly remittance inflows have consistently exceeded $2 billion, with the exception of July.

July saw a decline in remittance inflows as expatriates faced difficulties sending funds mid-month due to an internet blackout imposed by the Sheikh Hasina-led government to address protests over demands for quota reform in government jobs.