September Remittances Soar To $24 Billion

In September, remittances sent through banking channels reached $24 billion, an increase of $1.07 billion or 80.22% compared to the same month last year. In September of the previous year, remittances totaled $13.3 billion.

Sources indicate that this significant rise in remittances has provided some relief in the dollar market. Since the change in government, the exchange rate has stabilized at 120 BDT per dollar. Despite a payment of $1.37 billion to the Asian Clearing Union (ACU) for July and August debts in the first week of last month, reserves have reached $19.56 billion, up from $19.38 billion at the end of the previous week.

This September's remittance amount is also $180 million or 8.12% higher compared to July. In August, expatriates sent $22.2 billion through banking channels, while in July, the figure was $19.1 billion.

Remittances declined primarily in July due to student protests, which led to several days of bank closures. There was also a widespread campaign discouraging remittances through banking channels in protest against the government. This overall situation caused a drop in remittances, which had previously been on the rise. In May, the exchange rate was increased by 7 BDT per dollar to set a mid-rate of 117 BDT. Consequently, remittances amounted to $22.5 billion in May and $25.4 billion in June.