Upward trend in remittance inflow

Aug sees over $2b

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FE Team | Published: August 30, 2024 00:04:26

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Bangladesh is showing an upward trend again in remittance sent by expatriates and exceeded US$ 2 billion in 28 days of August, reports UNB.
According to Bangladesh Bank's updated report on remittance as of August 28, expatriate Bangladeshis sent $2.07 billion to the country through the formal channel. In the same period of August 2023, remittance inflow was $1.43 billion.
Bangladesh witnessed the lowest remittance in the last 10 months in July 2024 amid the student movement. In July, the country's remittance was about $1.91 billion.
It is to be noted, banks were closed from July 19 to 23 due to the situation caused by the students' movement against discrimination, public and general holidays.
Apart from this, broadband internet was off for 5 consecutive days and mobile internet was off for 10 days. Because of this, foreign transactions with the country's banks were almost stopped.
Bangladesh Bank has taken different steps to increase remittance to overcome the foreign exchange crisis and increase reserves. In the last few months, these measures have had a positive impact on expatriate income or remittance coming into the country.