In July, Bangladesh saw a 3.2% year-on-year decline in remittance receipts, amounting to $1.97 billion compared to the previous year’s $2.03 billion. This decline was attributed to a five-day internet blackout caused by violence related to the quota reform movement.
The blackout hindered banks from collecting money sent by migrant workers. During the last week of July, remittance inflow was at its lowest, with only $138 million received between July 21 and July 27, and $120 million on the last day of the month. Despite this, remittance for the fiscal year 2023-24 grew by 10% to $23.9 billion, with $2.54 billion received in June.
Experts, including Monzur Hossain from the Bangladesh Institute of Development Studies, suggest the recent decline is not alarming and is part of normal fluctuations in remittance inflow.
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