Remittance inflows into Bangladesh witnessed a substantial uptick, surging by 21 percent year-on-year to reach $2.04 billion in April, buoyed by the customary surge in money transfers during Eid-ul-Fitr festivities. 

Various factors contributed to the remarkable surge in remittance inflows during April. Eid-ul-Fitr traditionally correlates with heightened remittance flows as migrant workers seize the opportunity to send financial support to their loved ones back home. 

Additionally, experts attribute the rise in remittance inflows to the relatively higher exchange rates selected banks offer for US dollars. The competitive rates provided by these financial institutions incentivized remitters to capitalize on favorable currency conversion terms, thereby bolstering the overall remittance volume.