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Bangladesh Received $1.64b in Remittances by July 21st

According to Bangladesh Bank data, the country received $1642.75 million (1.64 billion) in remittances until July 21, owing to Eid-ul-Azha, when Bangladeshi migrants sent more money to families to celebrate one of the biggest Muslim festivals.

It translates to an average of $78.22 million in remittances into the country from July 1 to July 21, the first month of the fiscal year 2022-23.

Expatriates sent home $1.83 billion in remittances through the banking channel in June, the last month of the fiscal year, said Bangladesh Bank.

Despite global travel restrictions due to the Covid-19 pandemic, Bangladesh received the highest remittance of $24.77 billion in FY2020-21.

Following the easing of travel restrictions and the sending of money through unofficial channels, remittance income in FY 22 dropped to $21.03 billion, according to those involved in the matter.

Insiders and experts in the sector suspected that around $2 billion in remittances entered Bangladesh through unofficial channels, despite government incentives to use the official channel.

According to sources, many Bangladeshi workers in the Middle East, Malaysia, the USA, and Europe were unable to send money through the correct channels because they lacked valid identification.

The expatriates claimed speaking on condition of anonymity that this led to an increase in their use of illegal hundi and other informal channels.

Bangladesh Bank reports that between July 1 and July 21, six state-owned banks received $254.92 million in inward remittances, along with $27.69 million from two specialized banks, $1356.22 million from 41 private commercial banks, and $3.94 million from nine foreign commercial banks.

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