Bangladesh has received US$ 23.915 billion in remittances for the fiscal year 2023-24, ending on June 30, marking the second highest remittance inflow in a fiscal year to date. Md Mezbaul Haque, Executive Director and Spokesperson of Bangladesh Bank, told UNB that expatriate Bangladeshis sent $2.542 billion in remittances in June 2024. This brought the total remittance amount from July 1 to June 30 of FY 2023-24 to $23.915 billion, compared to $21.610 billion in the previous fiscal year. Bangladesh Bank extends Tk 5000 crore refinance scheme to support food security Remittance inflow to Bangladesh rose 15.59 percent year-on-year to $2.542 billion in June, as migrant workers sent more money home for Eid-ul-Azha. In May 2024, expatriate workers sent $2.253 billion in remittances. Sector insiders attribute this growth to the higher exchange rate of the dollar and the festive occasion of Eid-ul-Azha, which prompted expatriates to send additional remittances to their families. Economist Dr. Ahsan H. Mansur commented that Bangladesh can increase remittances through legal channels by enhancing financial and non-financial benefits for the remitters. He noted that many remitters prefer the illegal Hundi system due to its higher exchange rate, diverting legal remittances to illegal channels. Read more: How to safely send remittance to Bangladesh?

Bangladesh received inward remittances of $1.97 billion in July, the first month of Fiscal year 2023-24, which saw a decline on year-on-year basis by 5.86 percent. According to Bangladesh Bank (BB) data, the expatriates sent $2.19 billion remittance in June last month of FY23, saw a fall by 10.27 percent in July. Despite the fall in remittance inflow in July, the central bank officials described it as better than other months. $21.61 billion remittances in FY23, second highest ever Md Sarwar Hossain, a spokesman of the BB, told UNB that the expatriates sent a higher volume of remittances in June thanks to  Eid-ul-Azha. Bangladeshi expatriates sent $21.61 billion in remittance in the last fiscal year FY23 (June-July). In the previous FY it was $21.03 billion. Remittances pick up pace ahead of Eid-ul-Azha

Bangladesh's Ministry of Commerce has set an export target of $72 billion with 11.52 percent growth for the fiscal year 2023-24. Export target for goods has been set at $62 billion while for the service sector, the target was set at $10 billion. Export target achieved in FY 2022-23 was $64.55 billion, which saw a growth of 5.88 percent. RMG exports to EU grew 9.93% in FY 2022-23: Export Promotion Bureau Goods worth $55.55 billion and services worth $9 billion were exported in FY 2022-23, and the growth were 6.67 percent and 1.25 percent respectively. Commerce Minister Tipu Munshi today (July 12, 2023) made the announcement of the export target and achievements in the previous fiscal in a press conference at the ministry. Prior to the announcement, the minister met with leaders of different business organizations and ministry officials. RMG exports in FY23 almost $47bn, 85% of total exports Business leaders at the meeting urged the government to ensure uninterrupted gas and electricity supply to industries at affordable rates. Otherwise, exports would be negatively impacted, they told the minister. While announcing the new export target, Commerce Minister Tipu Munshi said the global economic slowdown has been considered when setting the new target. Gas and power crises have also been considered while setting the target, the minister said. Exports raked in $55.56bn in FY23, highest in history While replying to a query, the minister said Bangladesh has some advantages including trained labour force, and affordable cost of products. Besides, global entrepreneurs are relocating industries from China due to geo-political reasons, and Vietnam has a labour crisis, the minister said. If Bangladesh can utilize these opportunities, exports can go beyond the target, the commerce minister said. Dollar exchange rate for repatriated export income increased to Tk107.5