Remittances to Bangladesh rose from $1.59 billion in August 2023 to $2.22 billion in August, a 39.62 percent rise.
Data from Bangladesh Bank, which was updated on Sunday, indicates that remittances in August increased by 16.23% above July’s total.
The amount of remittances received in July was $1.91 billion.
The rise comes at a time when protests and a curfew restricted banking activities, disrupting inflows.
The amount of remittances received in June was $2.54 billion, a 16 percent increase over June 2023 and the biggest in 47 months.
Remittance flows were poor in the first week of August, according to bank officials, but they started to increase on August 7.
They claim that remittance inflows have significantly improved during the past 23 days.
Mutual Trust Bank’s managing director, Syed Mahbubur Rahman, stated to bdnews24.com that remittances were extremely low in the first five days of August.
“When compared to former levels, the current levels are pretty decent. We must keep up this momentum.
“Further analysis is needed,” stated Mahbubur in reference to the stability of the dollar rate.
The protests had a detrimental effect on banking operations; in July, banks were closed for several days, which reduced the amount of remittances coming in.
In July, the amount of remittances was less than $2 billion.
The dollar is currently worth Tk 120, and banks are giving remittance customers an extra 2.5 percent bonus.
