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Remittances from UAE to Bangladesh surge 48%

Monthly remittances from the UAE averaged over $450 million, making the Gulf nation the top remittance source nation Reuters/Mohamed Azakir
Monthly remittances from the UAE averaged over $450 million, making the Gulf nation the top remittance source nation

Remittances from the UAE to Bangladesh surged 48 percent year on year to $3.3 billion in the first nine months of fiscal year 2023-24, according to data from the country’s central bank.

Dhaka receives remittances between $250 million to $300 million per month from the UAE, The Business Standard, a financial newspaper, reported.

However, remittances from Saudi Arabia declined 29 percent year on year to nearly $2 billion.

The UK reported an annual increase of 47 percent to $2.1 billion, but the US fell 31 percent year on year to $1.9 billion.

Remittance inflows from Singapore surged by 48 percent year on year.

Additionally, remittances sent by Bangladeshi expatriates from Malaysia, Oman, Italy, Germany and Bahrain saw significant increases.

Bangladesh has more than 6.5 million individuals working overseas. The latest quarter saw 1.6 million taking up employment in Saudi Arabia, the report said.

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