Remittances off to a strong start in new fiscal year

Expatriate Bangladeshis sent US$567 million in remittances during the first five days of July, the opening month of the new fiscal year.

At an exchange rate of Tk 122 per US dollar, this amounts to approximately Tk 69.17 billion (Tk 6,917.4 crore). On average, the country received US$113.4 million, or more than Tk 13.83 billion (Tk 1,383 crore), in remittances per day.

Bangladesh Bank Executive Director and spokesperson Arif Hossain Khan confirmed the figures to the media on Monday (July 6).

According to the central bank spokesperson, Bangladesh received US$567 million in remittances during the first five days of July. Of this total, US$219 million was received on Sunday (July 5) alone. During the same period last year, expatriates had sent US$411 million in remittances.

Earlier, in the 30 days of June, Bangladesh received US$2.8169 billion in remittances. At an exchange rate of Tk 122 per US dollar, this was equivalent to more than Tk 343.66 billion (Tk 34,366.18 crore).

Meanwhile, as of July 2, the country's total foreign exchange reserves stood at US$37.65863 billion. Under the International Monetary Fund (IMF)'s Balance of Payments Manual, Sixth Edition (BPM6) methodology, the reserve amount was US$33.01319 billion.