July remittance hits two-year high

Bangladesh received $2.2 billion from the migrants overseas in July, which is the highest in the last two years, according to the central bank.  

July remittance inflow registered a 17.56% growth compared to the corresponding month last year, according to the Bangladesh bank.

Besides, the amount is 19.75% higher than June's $1.83 billion.     

In July last year, the country welcomed $1.87 billion from the Bangladeshi nationals abroad.

Data showed that Bangladeshi expats transacted the highest $2.59 billion home in July 2020.

The boost in remittance inflow in the first month of FY2022-23 after a brief pause last year hints at a better forex reserve scenario, say officials.     

"The expatriates are transacting more money home thanks to the government's various policy support including more incentives," Sirajul Islam, executive director of the Bangladesh Bank, told The Business Standard.

"The expatriates have sent $2.2 billion in remittance as they received a better dollar price," he added.

Total remittance inflow in the 2021-22 fiscal year was $21.03 billion, which was $3.75 billion less than the fiscal before [2020-21], when the inflow was $24.78 billion.

In recent months, the greenback has been becoming stronger against taka. The exchange rate has been hovering above Tk100.

Remittance inflow started to increase from the beginning of July, as the daily average inflow stood at $7 crore at the end of the month.