Bangladesh rake in over $1bn in remittances in first 12 days of August

Expatriates have sent in more than $1 billion in remittances in the first 12 days of August, marking a 46.20 percent increase compared with the same period last year.

Bangladesh Bank spokesperson Arief Hossain Khan shared the development on Wednesday.

In August, remittances totalled $1.05 billion until now, compared to $721 million during the same period last year.

In July this year, expatriates sent $2.47 billion through banking channels.

According to the central bank, remittances totalled $3.53 billion from Jul-Aug 12 of the current fiscal year, compared to $2.63 billion during the same duration last year, indicating a 34 percent increase.

Due to the rise in remittances, the dollar supply has increased in banks, and demand is also low due to the lack of pressure to pay for imports and outstanding bills.

In July this year, the dollar rate fell sharply due to reduced demand. In order to stabilise the rate, Bangladesh Bank purchased dollars from commercial banks in five auction rounds.

The governor, however, said the market will also be stabilised by buying dollars through auctions.