Remittance inflow tops $2b in July

Bangladesh received $2.09 billion as remittance in July as migrants sent higher amounts of money to their relatives to celebrate Eid-ul-Azha, one of the biggest festivals of Muslims.

In terms of year-on-year inflow of remittance, the amount received in July is 12.04 per cent higher than the corresponding month in 2021 as per the Bangladesh Bank data.

Besides, the remittance inflow grew 14.13 per cent compared to the previous month. In June, the country received $1.83 billion.

ALSO READ - Inward remittance falls 15% in FY22 amid forex crisis

Officials of the Bangladesh Bank said that the remittance inflow has increased due to various policy supports of the central bank including incentives.

The remittance inflow dropped 15.11 per cent in the previous fiscal year amid the forex crisis caused mainly by a big gap between the official and the kerb market exchange rates.

Expatriate Bangladeshis remitted $21.03 billion in the fiscal year 2021-22, down from $24.77 billion in the fiscal year 2020-21, according to the latest data from the Bangladesh Bank.