$1.5 bn remittance received in 24 days of July

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

In the initial 18 days of July, the country averaged $79 million in daily remittances. However, from July 19 to 24, the total remittance dropped to $78 million over six days, indicating a significant decline, amid a tense situation centering on the quota protests in the country.

In July 2023, expatriates sent $1.97 billion, marking a noticeable decrease in year-over-year remittances. This information was revealed in the latest report from Bangladesh Bank.

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

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

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 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 a.m. to 3 p.m.

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.