July remittance highest in two years

The Report Desk

Published: August 1, 2022, 12:00 AM

July remittance highest in two years

Amid growing pressure on its economy, Bangladesh received $2.2 billion from the migrants overseas in July, which is the highest in the last two years, shows the latest estimates of the central bank.  

July remittance inflow registered a 17.56% growth compared to the corresponding month last year,  reports The Business Standard citing the Bangladesh Bank data.

Besides, the amount is 19.75% higher than June's $1.83 billion.     

In July last year, the country welcomed $1.87 billion from the Bangladeshi nationals abroad.

Data showed that Bangladeshi expats transacted the highest $2.59 billion home in July 2020.

The boost in remittance inflow in the first month of FY2022-23 after a brief pause last year hints at a better forex reserve scenario, say officials.     

"The expatriates are transacting more money home thanks to the government's various policy support including more incentives," Sirajul Islam, executive director of the Bangladesh Bank, told the newspaper.

"The expatriates have sent $2.2 billion in remittance as they received a better dollar price," he added.

Total remittance inflow in the 2021-22 fiscal year was $21.03 billion, which was $3.75 billion less than the fiscal before

, when the inflow was $24.78 billion.

In recent months, the greenback has been becoming stronger against taka. The exchange rate has been hovering above Tk100.

Remittance inflow started to increase from the beginning of July, as the daily average inflow stood at $7 crore at the end of the month.

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