Bangladesh has seen a significant drop in remittance flows due to the recent quota reform movement, according to an updated report from Bangladesh Bank. The unrest has led to the closure of commercial banks and internet services, impacting expatriate income severely.
Data from the central bank reveals that daily remittance income averaged $7.72 million from July 1 to 13. However, this figure fell sharply to $4.21 million per day in the following two weeks (July 14 to 27).
In total, expatriate income for the first 27 days of July reached $1.57 billion. The first half of the month (July 1 to 13) saw $978.64 million, while the subsequent week (July 14 to 20) brought in $457.05 million. The final week (July 21 to 27) saw a further decline to $138.06 million.
On average, daily remittance income for July has been $5.41 million, a notable decrease from June’s $8.47 million daily average, which totaled $2.54 billion for the month.
The internet shutdown, enforced nationwide from the evening of July 18 due to student protests, is largely to blame for the remittance decline. The inability to access online banking services prevented expatriates from sending money home, exacerbating the situation.
(The report was published on print and online versions of The Bangladesh Pratidin on July 30 and rewritten in English by Tanvir Raihan)
