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Bangladesh remittances soar to $23 billion
The World Bank’s report predicts a surge in remittances to Bangladesh, expected to hit $23 billion in 2023. The Global Knowledge Partnership on Migration and Development (KNOMAD), a part of the Washington-based lender, states that remittance growth is currently at 7%. According to the report, these flows are estimated to hold steady at $23 billion […]
BY Insider Desk
Migrant remittances surge amidst dollar rate rise
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 […]
BY Insider Desk
Bankers cut dollar rates to signal stability
To stabilize the foreign exchange market, bankers have decided to cut the purchase and selling rates of the US dollar by Tk 0.25 per dollar. This decision, effective from December 3, will see banks buying each dollar at Tk 109.75 from remitters and exporters and selling each at Tk 110.25 to importers. The interbank exchange […]
BY Insider Desk
Analyzing the Monetary Policy FY24 in light of rampant inflation
Bangladesh Bank is struggling to create a stable and healthy macroeconomic environment as it stumbles with an upward inflation rate and exchange rate instability. When the Central Bank decides to increase the money supply, it is an expansionary monetary policy, and when the money supply is decreased, it is a contractionary monetary policy. The government […]
BY Zanjabil Mashkura
Bangladesh Bank takes action to combat inflation
Bangladesh Bank has taken decisive steps to tame the inflation. Just a day after increasing the policy rate, the central bank has now raised the lending rate to 10.70%. This move comes as a response to the surging inflation levels in the country. The central bank issued a notice to this effect, allowing banks to […]
BY Insider Desk