Bangladeshis living in the United Kingdom usually account for the highest remittance sent to the country during the holy festivals of Eid.
Although the trend has continued for the last few years, the scenario is entirely different this year.
The money transfer agencies in UK that are usually teeming with clients before Eid are not as busy this time around.
According to people familiar with the matter, remittance inflow has gone down due to the fall in the conversion rates of pound in the international market which in turn was caused by the ambiguities surrounding Brexit.
Conversion rates for pound fell following Boris Johnson being sworn in as the UK prime minister who is likely lead Britain out of the European Union without a deal.
Mercantile Exchange House (UK) Limited CEO Khairuzzaman said that compared to Eid-ul-Fitr, this time the amount of money being sent home is significantly lower.
“A lot of people thought that rate of taka will increase against pound but the opposite has happened. Pound rates have dropped due to Brexit,” he said.
He added that compared to 2018, the remittance flow was more this year till June.
Pubali Bank Exchange (UK) Limited head of operations Sher Mahmud says that there has been a definite drop in business compared to last June.
He said that they wired over Tk 3 million during the last Eid whereas the amount stands at Tk 2 million this Eid.
He added that people are resorting to alternative ways to send money home, causing Bangladesh to lose out on remittance and losses to businesses in the money transfer business.