Remittance nosedives to 10-month low in July

Bangladesh’s inward remittance fell to a 10-month low of $1.91 billion in July 2024, down from $2.54 billion in June. The decline is attributed to bank closures and internet disruptions during the quota reform movement. The central bank has urged top banks to boost remittance inflows, even at higher costs. Consequently, the exchange rate for remittances increased from Tk 117-118 to Tk 120 per dollar. The Bangladesh Bank has also relaxed monitoring on exchange rates and other regulations to encourage remittance growth. Prothom Alo