Remittance inflow at $1.63b in 21 days of Sept

The inflow of remittance continues rising as Bangladesh received $1.63 billion in the first 21 days of this month (September), which is $300 million higher than the whole September's count last year.
The upward trend of wage earners remittance raised the hope among the central bankers who are expecting the inflow to cross the $2.40 billion mark at the end of this month.
According to the Bangladesh Bank (BB), the country received $1.33 billion in September 2023.
BB spokesperson Husne Ara Shikha updated reporters with the foreign exchange position, saying that the remittance inflows keep rising significantly. The forex reserves increased more than 15 per cent in the fiscal year 2023-24 year-on-year.
During FY 2023-24, Bangladesh received a total of $25.38 billion in remittances, up from $21.99 billion in FY 2022-23.
Ms Shikha also notes that there had been a surge in remittance inflows in August compared to July of this year, reaching $2.215 billion. She emphasises that the increase in remittances sent by Bangladeshi expatriates has helped boost the country's foreign-exchange reserves position.
"Bangladesh Bank believes the bleeding from the reserves is being stopped now," she added.
The BB data showed that the gross volume of foreign reserves was $25.57 billion and $20.54 billion in the central bank and IMF's arithmetic respectively in August, 2024.
Despite clearing import payments worth $1.37 billion through ACU (Asian Clearing Union) this month, the reserve now stands at $24.56 billion and $ 19.42 billion in BB and IMF's calculations respectively until September 22, 2024.

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