Bangladesh Bank's latest data has revealed a decline in remittance inflow for the period of July 21 to 27 compared to the previous weeks.
The central bank reported a total remittance inflow of approximately $1.25 billion for the period so far. The slowdown in one of the country's key economic mainstays has sparked concerns among policymakers and economists.
The nation received a total of $303.31 million in remittance during the first week of this month (July 1-6). The figure increased to $485.64 million in the second week (July 7-13), which then declined to $344.72 million during the third week (July 14-20).
However, according to central bank data, only $116.20 million-worth remittance came in the fourth week of this month, the lowest figure when compared to the previous weeks.
During the week in question, banking services were cut off due to the state-imposed curfew, the general holidays, and the internet shutoff levied to contain the nationwide unrest created under the guise of the quota reform movement.
Bangladesh Bank Spokesperson Mezbaul Haque told The Business Post that the remittance inflow has been affected due to the closure of banking operations. However, $104 million has come in during the last three days, marking that the inflow is similar to that of the normal periods.
Earlier, during the third week, acts of violence broke out across the country, including Dhaka due to the quota reform movement.
According to government data, many people including students have died. Amid this situation, various groups are campaigning on social media to shut down the remittance inflow.
When questioned of any impact of the campaign, the spokesperson replied, “Remittance inflow has decreased due to the bank closures. Bangladesh Bank will continue its regular operations to promote sending remittances through regular banking channels.”
