Expatriates, expressing distrust in the recently ousted Sheikh Hasina government, had initially turned to sending money via informal channels, known as hundi, causing a sudden dip in official remittance flows.
For three consecutive months, remittances had consistently exceeded $2 billion, but in July, the figure unexpectedly dropped below that mark.
However, with the downfall of Sheikh Hasina's administration, the remittance inflow through legal channels has seen a significant rise.
While the month of August began with a lull, the pace of remittances quickly picked up.
According to updated data from Bangladesh Bank, a total of $1.144 billion (Tk 13,374 crore at an exchange rate of Tk 118 per dollar) was received in the first 17 days of August through official channels. Of this, $95.65 million arrived in the first three days of the month, and from August 4 to 10 alone, $387.12 million was transferred.
A breakdown of the data reveals that $152.9 million came through state-owned banks, approximately $37.7 million via one of the specialised banks (Krishi Bank), over $941.4 million through private banks, and $2.15 million via foreign banks.
Interestingly, there are 10 banks that did not receive any remittance during this period, including Bangladesh Development Bank (BDBL), Rajshahi Krishi Unnayan Bank (RAKUB), Community Bank, Citizen Bank, ICB Islami Bank, Padma Bank, Shimanto Bank, and foreign banks such as Habib Bank, National Bank of Pakistan, State Bank of India, and Woori Bank.