Banks report $1.72 billion inward remittances till August 25

The remittance inflow moved slightly upward in the first 25 days of this August as Bangladeshi expatriates sent out more than $1.72 billion through the official banking channels, according to data submitted to the Bangladesh Bank by different banks.

Bangladesh received $2.92 billion inward remittances in July, thanks to Eid-ul-Azha when Bangladeshis living abroad sent more money to families to celebrate one of the biggest festivals for Muslims.

The expatriates sent $1.81 billion in remittances in August of the last fiscal year.

Amid declining foreign exchange reserves due to rising import bills, many private sector banks are now bringing home more remittances than the public sector ones.

Different private banks are buying dollars at a higher rate than state-owned ones, which is helping them attract more remittances.

From 1 to 25 August, Islami Bank received $356.23 million, Agrani Bank $110.12 million, and City Bank 109.43 million in remittances.

Pubali Bank received $5.48 million, Dutch-Bangla Bank $95.38 million, and Rupali Bank $93.53 million.

Bangladesh saw its inward remittance drop by 15.12 percent to $21.03 billion year-on-year in FY22 after growing by more than 36 percent to $24.78 in FY21.

It is mentionable though, that the drop is made steeper by the fact that the inward remittance figure for FY21 was an all-time record.