Bangladesh Sees Over $2B in Remittance for August

Bangladesh has witnessed a significant resurgence in remittances, with inflows surpassing $2 billion in the first 28 days of August, marking a positive trend in funds sent by expatriates.

According to Bangladesh Bank's latest report, remittance inflows amounted to $2.07 billion through formal channels as of August 28. This is a substantial increase compared to the same period in August 2023, when remittances totaled $1.43 billion.

The country experienced a dip in remittance flows in July 2024, which saw the lowest inflows in 10 months, with only $1.91 billion received. The decline coincided with the student movement and widespread disruptions in the country. Banks remained closed from July 19 to 23 due to the protests and subsequent public holidays. Additionally, broadband internet services were suspended for five consecutive days, and mobile internet was down for 10 days, severely hampering foreign transactions with domestic banks.

In response to the foreign exchange crisis and declining reserves, Bangladesh Bank implemented several measures to boost remittances. These initiatives have started to yield positive results in recent months, leading to an increase in expatriate income sent to the country.