Bangladesh's inward remittances rise by 39.62% in August

 
Remittance to Bangladesh has increased by 39.62 percent in August, reaching $2.22 billion, up from $1.59 billion in August 2023.

According to Bangladesh Bank data updated on Sunday, August's figures show a 16.23 percent rise from July's remittances, bdnews24 reports.
In July, remittance inflow stood at $1.91 billion.

The increase follows a period of disrupted inflows due to protests and a curfew that limited banking operations.

June saw the highest remittance inflow in 47 months, amounting to $2.54 billion, a 16 percent rise from June 2023.
Bank officials said remittance flows were low during the first week of August but improved from Aug 7.

According to them, the last 23 days have seen a significant improvement in remittance inflows.Syed Mahbubur Rahman, managing director of Mutual Trust Bank, told bdnews24.com: "Remittances were very low during the first five days of August."

"The current levels are quite good compared to what was received earlier. We need to maintain this momentum."
Regarding the stability of the dollar rate, Mahbubur said: "Further analysis is needed."

Banking operations were negatively affected by the protests, with banks closed for several days in July, leading to a decrease in remittance inflows.
The remittance figure for July fell below $2 billion.

The current exchange rate for the dollar is Tk 120, with banks offering an additional 2.5 percent incentive on remittances.