Bangladesh has witnessed a significant 32% year on year increase in remittance inflows in July.
According to the Bangladesh Bank, remittance inflow was $2.36 billion over the period of July 1-30, which was $1.79 billion over the same period last year.
Bankers said, July of 2024 had a terrific disruption due to the mass uprising and internet shutdown.
However, since the ouster of Sheikh Hasina-led government on August 5, the interim government and central bank together followed more market based foreign exchange mechanisms alongside boosting expatriate Bangladeshi’s confidence on their homeland.
It paid off. Remittances, growing nearly 27%, hit above $30 billion for the first time in the 2024-25 fiscal year that ended on 30 June.