Remittance falls 10.27pc in July

Staff Reporters :
The remittances sent by expatriate Bangladeshis witnessed a decrease of 10.27%, amounting to $1.97 billion in July this year, according to Bangladesh Bank (BB) bank data.
The country received $2.19 billion in remittances in the month of June.
Bankers have attributed this decline to the usual trend of lower remittance inflow in the month following Eid (celebrated in June) when people typically send more money back to the country.

Meanwhile, on Monday, the Bangladesh Foreign Exchange Dealers Association (Bafeda) and the Association of Bankers, Bangladesh (ABB) increased the exchange rate of dollar by Tk0.5 to Tk109 for remitters.
Remittances totalled $21.61 billion in FY23, up by 2.75% over the previous fiscal year.
Bankers say inward remittances should increase due to the increase in the dollar rate for remittances.
It is worth noting that on 12 September last year, the dollar price for remittances was set at Tk108, while it was Tk99 for exporters. Since then, Bafeda and ABB have increased the dollar price for exporters 12 times and changed the exchange rate for remittances six times.
A managing director of a private commercial bank raised concerns about some banks not adhering to these dollar rates and instead collecting remittances at higher rates.