Bangladesh's remittance inflow will remain $23bn in 2024: World Bank

CT Online Desk:

A World Bank report has stated that remittance inflow to Bangladesh will remain at $23 billion in 2024, while it will reach the same figure by the end of this year.

The country's remittance is currently growing at 7%, said the Migration and Development Brief of the Global Knowledge Partnership on Migration and Development (KNOMAD), which is part of the Washington-based lender.

The report said the growth in formal remittances is projected to remain flat on account of the lingering impacts of the recent balance of payment crisis that triggered exchange controls and led to parallel market exchange rate premia.

Depreciation and exchange rate management policies have led migrants in countries such as Bangladesh to take advantage of the black-market premia and transfer funds through informal and formal channels.

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