Business Standard

Did Modi's note ban hit Bangladesh hard?

Figures show only a marginal dip in remittances to the country post note ban

A power loom owner stands in his factory in Bhiwandi, that has come to a halt due to demonetisation.	Photo: Sanjay Jog
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A power loom owner stands in his factory in Bhiwandi, that has come to a halt due to demonetisation. Photo: Sanjay Jog

Sai Manish New Delhi
Remittances by migrant workers play a big role in Bangladesh’s economy. The Economist reported that remittances by migrant workers’ accounts for as much as 10 per cent of Bangladesh’s GDP. Data released by the Central Bank of Bangladesh shows that in 2015-16, the country received almost $15 billion in remittances from overseas workers. Between July and January 2016-17, the country received almost half the amount.
What Bangladeshis sent home from abroad
Month Remittance
July 1,005.51
August 1,183.61
September   

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