The missing link is a major shift in channels migrant workers use to send remittances. Many migrant workers were in construction planned in accordance with high oil prices that were no more. The entry of fintech services in the remittance market expanded the reach of the formal channels. With the restoration in trade and travel, the informal channels may swing back into action leading to a reversal of the diversion from informal channels. In that case, the monthly level may regress towards the pre-pandemic $1.6 billion level.

Source: Dhaka Tribune February 14, 2021 18:33 UTC