Bangladesh Bank disclosed In a recent report,  that the country received a significant $1.5 billion in remittances during the first 24 days of July. Despite this substantial influx, a noticeable decline occurred between July 19 and 24, with only $78 million received over six days, compared to an average daily remittance of $79 million in the initial 18 days of the month.

The year-over-year comparison reveals a decrease in remittances, with expatriates sending $1.97 billion in July 2023. This drop was highlighted in Bangladesh Bank’s updated report, raising concerns about the current economic climate.

Md Mezbaul Haque, Executive Director and Spokesperson of Bangladesh Bank, suggested that the remittance volume might see a slight increase as banking operations were interrupted for five consecutive days. "Banks reopened last Wednesday and Thursday but operated for a very limited time," Haque explained. Noting that remittances in Nostro accounts are not fully reconciled and the complete account of remittances will be available by the end of the month.

A government-imposed curfew that began that evening on July 19 caused considerable disruptions to banking activities from July 19 to July 24. The goal of this curfew was to contain the agitation around the quota reform campaign. As a result, banks were forced to close until Tuesday, and online transactions were suspended because of problems with internet access. On July 24, bank operations were restored, although for a brief four-hour period from 11 a.m. to 3 p.m.

The findings of a central bank data study show that remittance amounts vary from year to year. With $1.99 billion in March reaching the lowest ,February and January had respective totals of $2.16 and $2.11 billion. Expatriates sent $2.04 billion in April and $2.25 billion in May. The record amount of remittances in June was $2.54 billion, the most in the last 47 months; the previous high was $2.59 billion in July 2020.

The recent dip in remittances has raised questions about the stability of this crucial income stream for Bangladesh. As the month progresses, stakeholders are keenly observing the trends, hoping for a rebound that aligns with the usual remittance patterns seen in recent months.
 

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