Remittance falls 3.2% in July

Bangladesh's remittance inflow declined 3.2 percent year-on-year to $1.90 billion in July this year as banks could not collect the money sent home by the migrant workers because of a five-day internet blackout across the country.

Remittance receipts were $1.97 billion in July last year, according to Bangladesh Bank Spokesperson Md Mezbaul Haque.

Central bank data showed that the inflow of remittances, a key source of foreign currencies, stood at $138 million from July 21 to July 27, the lowest among the four weeks of the month, following the internet outage, hindering banks from collecting much-needed foreign currencies to boost country's falling forex reserves.

On the last day of July, remitters sent $120 million, Haque said.

However, remittances grew 10 percent year-on-year to $23.9 billion in 2023-24 fiscal year with receipt in the last June standing at $2.54 billion, according to the BB data.