Photo: Collected
In the widely discussed month of July, Bangladesh faced a significant setback in remittances sent by expatriates. Throughout July, expatriates sent a total of $1.90 billion in remittances to Bangladesh. In contrast, in the previous month of June, they had sent $2.54 billion.The Bangladesh Bank released this information on Thursday (August 1).
Economists suggest that expatriates may have halted remittance transfers through banking channels as a form of protest against the government’s stance on the student quota reform movement. This has caused a substantial decline in July compared to June.
According to the Bangladesh Bank, expatriate Bangladeshis sent over $1.90 billion in remittances last July, which amounts to 22,526 crore Taka.
In June, expatriates had sent $2.54 billion or 2,541 million dollars. This represents a decrease of $632 million compared to the same period in the previous month, equivalent to 7,457 crore Taka.
June saw a record remittance inflow of $2.54 billion, the highest amount in three years (36 months). This translates to approximately 29,995 crore Taka (based on an exchange rate of 118 Taka per dollar). For the entire fiscal year 2023-24, the total remittance inflow was around $23.91 billion.
The Executive Director and Spokesperson of the Bangladesh Bank, Mezbaul Haque, mentioned that the reduction in remittances was due to internet and banking disruptions, not directly related to the student protests.
It is noted that in the first three weeks of this month, expatriate income amounted to $400 to $500 million. Between July 1 and 20, remittances were $1.42 billion, and up to July 27, the total was $1.56 billion. Another source from the Bangladesh Bank indicated that from July 1 to 28, expatriate income was $1.65 billion.
However, there is scepticism among industry experts about the accuracy of the total of $1.90 billion for the entire month. Although the Bangladesh Bank spokesperson confirmed that on July 31 alone, remittances amounted to $120 million, the bank has not published a full monthly report on its website.
Messenger/Fameema
