NBL QPay App Launched for Remittance Transfers from Malaysia to BD

In August, remittances from Bangladeshis abroad surged nearly 39% year-on-year to $2.2 billion, offering some relief to the country’s foreign exchange reserves. 

This increase, 16.10% higher than July's $1.9 billion, helps counteract the previous month’s drop due to an internet blackout and bank closures amid protests over government job q

As of August 28, 2024, expatriate Bangladeshis sent $2.07 billion in remittances through formal channels, a significant increase from $1.43 billion in August 2023. July 2024 saw a drop to $1.91 billion due to disruptions caused by student protests, which led to bank closures and extensive internet outages.

The Metropolitan Chamber of Commerce and Industry (MCCI) has recently released its projections for imports, remittances, and foreign exchange reserves for the next quarter of this fiscal year. According to their estimates, imports are expected to reach $5.68 billion in September, up from $5.52 billion in August and $5.39 billion in July. Similarly, remittances are projected to grow to $2.29 billion in September, an increase from $2.18 billion in August. The foreign exchange reserves are expected to rise to $27.95 billion by the end of September.

In the first 24 days of August, Bangladesh received $1.72 billion in remittances, as reported by Bangladesh Bank. Initial inflows were $95.65 million in the first week, following the quota reform movement and the fall of Sheikh Hasina’s government. However, remittances increased to $387.12 million in the second week after Prof Yunus took office, peaked at $651.45 million in the third week, and totaled $584.11 million in the fourth week. This is a significant increase compared to $1.32 billion during the same period last year. Chief Adviser Prof Yunus has urged expatriates to use official channels for remittances and pledged to implement measures to enhance these inflows.

In the first 20 days of August, Bangladesh received $153 million in expatriate income, up from $112 million in the same period last year, marking a 37% increase. If this trend continues, expatriate income could reach nearly $250 million by the end of the month, making August the second-highest month for expatriate inflow this year.

In the first 10 days of August, remittance inflows totaled approximately USD 482.77 million. Of this amount, USD 382.17 million was received between August 4 and 10, following the ousting of Prime Minister Sheikh Hasina.