Remittance crosses $2b in first 23 days of June

Bangladesh received US$2 billion in remittances in the first 23 days of June, as expatriates sent more money to their relatives on the occasion of Eid-ul-Azha.

This brings the country's remittances above the $2 billion mark for three consecutive months, according to Bangladesh Bank data.

In May and April, Bangladesh received $2.25 billion and $2.04 billion remittances, respectively.

In the first six months of FY24, expatriates sent home $1.97 billion in July, $1.59 billion in August, $1.33 billion in September, $1.98 billion in October, $1.93 billion in November, and $1.99 in December.

In January, February, and March, the banks channelled $2.11 billion, $2.16 billion, and $1.99 billion, respectively.

Due to the drop in remittances at the beginning of the current fiscal year, the health of the country’s foreign exchange reserves remains weak, according to the analysts.

But they attributed the increase in remittance inflow through formal channels to the government’s various initiatives, including a rise in incentives for remitters to stabilise the country’s foreign exchange market.

In 2023, Bangladesh received $21.92 billion in remittances, marking an increase of 2.88% from 2022. At the end of 2022, the expatriate Bangladeshis sent home $21.29 billion, the data showed.