Bangladesh receives $1.5 billion remittance in 24 days of July

Bangladesh received US $1.5 billion in remittances in the first 24 days of July, according to the latest report from Bangladesh Bank.

In the first 18 days of July, the country received an average of $79 million in daily remittances. However, from July 19 to 24, a total of $78 million was received over six days, indicating a significant drop.

In July 2023, expatriates sent $1.97 billion, highlighting a significant decrease in remittances year-over-year. This information was disclosed in the updated report from Bangladesh Bank.

Md. Mezbaul Haque, Executive Director and Spokesperson of Bangladesh Bank, noted that the remittance volume might increase slightly as banking operations were interrupted for five consecutive days. Banks reopened last Wednesday and Thursday but operated for a very limited time, he said.

He explained that remittances in Nostro accounts (accounts held in foreign countries by domestic banks) are not fully reconciled. The complete account of remittances will be available by the end of the month once banking activities return to normal.

From July 19 to 24, banking operations were disrupted, with banks only open for one day. The government imposed a curfew starting the night of July 19 to control the unrest surrounding the quota reform movement. Banks remained closed until Tuesday, and online transactions were also halted due to internet connectivity issues.

Banks reopened on July 24, operating for four hours from 11 am to 3 pm.

An analysis of central bank data shows that the lowest remittance this year was received in March, totaling $1.99 billion. Before that, remittances were $2.11 billion in January and $2.16 billion in February.

In April, Bangladeshi expatriates sent $2.04 billion, followed by $2.25 billion in May. June saw a record $2.54 billion in remittances, the highest in the last 47 months.

The previous highest remittance record was $2.59 billion in July 2020.