In the July-March period, the overall remittance stream was reduced by around 18%.

The money flow to Bangladesh from the Middle East stumbled the most as remittances from Oman plummeted by around 42%.

Many migrant workers sent their savings home through the formal channel, causing an upsurge in remittances even amid the Covid pandemic. But the pandemic-led job loss and income cuts and suspension of migration affected the money flow later.

Though the pandemic waned and migration resumed subsequently, economists say remittances may take time to return to normal conditions.

Remittance from Middle East falls 22.16%

Money transfers by migrants in six Middle Eastern countries – Saudi Arabia, the United Arab Emirates, Kuwait, Qatar, Oman and Bahrain – dropped $2.17 billion in the first nine months of the current fiscal year. The fall from these countries contributed to more than 65% of the overall remittance drop compared to the corresponding period last year.

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