In a noteworthy development, the country received a total of $2.395 billion in remittances during October, reflecting a steady flow of foreign earnings. This marks a slight decrease from the previous month, where $2.404 billion was recorded in September, and an increase from August’s $2.221 billion.
The breakdown of remittance sources for October reveals that state-owned banks facilitated $726.16 million, while specialized banks accounted for $119.9 million. Private banks played a significant role, contributing $1.542 billion, and foreign banks added $0.0071 million to the overall figures.
Following a period of economic uncertainty, with remittances plummeting to approximately $1.91 billion in July—the lowest in the past ten months—there has been a gradual recovery. The peak remittance inflow this year was recorded in June, amounting to $2.539 billion.
The stabilization of remittance flows has been attributed to the formation of the interim government, which appears to have fostered a more conducive economic environment. As a result, expatriates sent $2.221 billion in remittances in August, indicating a rebound in confidence.
Analysts suggest that maintaining this upward trend will be crucial for the country’s economic recovery and overall financial stability. The government is urged to continue supporting policies that facilitate remittance inflows, ensuring that expatriates feel encouraged to send money home.
