Over $2b remittances received in August

Bangladesh is once again experiencing an upward trend in remittances sent by expatriates, surpassing $2 billion in just the first 28 days of August. 

According to the latest report from Bangladesh Bank, as of 28 August, expatriate Bangladeshis sent $2.07 billion through formal channels. 

In contrast, remittances for the same period in August 2023 amounted to $1.43 billion.
The country recorded its lowest remittance inflow in the last 10 months in July 2024, partly due to the student movement. In July, remittances totaled approximately $1.91 billion.

It’s important to note that banks were closed from 19-23 July due to the situation arising from the student movement, as well as public and general holidays. Additionally, broadband internet was down for five consecutive days, and mobile internet was disrupted for 10 days, significantly hindering foreign transactions with the country’s banks.

In response to the ongoing foreign exchange crisis and to bolster reserves, Bangladesh Bank has implemented various measures to increase remittances. These efforts have positively impacted the inflow of expatriate income in recent months.