Bangladesh receives record $3.29b in remittances in March
Highlights:
- A 64% year-on-year increase in remittances
- Previous record single month inflow was $2.64 billion in December 2024
- Inflow surged due to expatriates sending more money marking Ramadan, Eid-ul-Fitr
Bangladesh received a record $3.29 billion as remittances in March, making it the highest remittance inflow for a single month in the country's history, surpassing the previous record of $2.64 billion in December last year.
The amount marks a 64% year-on-year increase as the country had received $1.99 billion in remittances in the same period last year, according to Bangladesh Bank data.
In February this year, the country received $2.53 billion in remittances, which made it the then fourth-highest monthly remittance on record.
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According to bankers, the remittance inflow shot up in March due to expatriates sending more money to their families marking the holy month of Ramadan and Eid-ul-Fitr. Additionally, they attributed the reduced reliance on informal hundi channels as a factor.
"Due to volatility in the kerb market, expatriates are now more comfortable using official channels," said the treasury head of a private bank, while talking to The Business Standard on the increase of remittance inflow in March.
The official also noted that remittances have averaged around $2.5 billion per month since last August, and if the trend continues, the annual total could reach $30 billion.
According to Bangladesh Bank data, as of today, the country's gross foreign exchange reserves stood at $25.62 billion.
Between July 2024 and March 2025, Bangladesh received $21.77 billion in remittances, up from $17.07 billion during the same period last fiscal year, according to central bank data.
A state-owned bank official highlighted that recent government actions, including a crackdown on money launderers and tighter exchange rate regulations, have significantly disrupted the hundi networks.
Currently, the exchange rate in the open market is Tk123, whereas banks are purchasing remittances at Tk122.80 and offering a 2.5% incentive, which is higher than the hundi market, the official explained
