Bangladesh experienced a 3.2 percent decrease in remittance inflows, which fell to $1.90 billion in July compared to the previous year. This decline was attributed to a five-day nationwide internet blackout that hindered banks from processing money sent by migrant workers.
In July of the prior year, remittance receipts amounted to $1.97 billion, as reported by Bangladesh Bank’s spokesperson, Md Mezbaul Haque.
Central bank figures indicated that remittance inflows, a vital source of foreign currency, plummeted to $138 million from July 21 to July 27, the lowest weekly total for the month. This drop followed the internet disruption, significantly impacting banks’ ability to gather the essential foreign currencies needed to bolster the country’s dwindling forex reserves.
On the final day of July, remittances totaled $120 million, Haque stated.
Despite the July setback, remittances surged by 10 percent year-on-year, reaching $23.9 billion for the 2023-24 fiscal year, with June alone accounting for $2.54 billion, as per the BB data.
