Bangladesh set to receive historical high of over $3 billion in remittances this month
Interest between the open market and banking channels has narrowed, prompting expatriates to send remittances through banking channels instead of hundi
In a first, Bangladesh is set to receive more than $3 billion as remittances in a single month this March.
As of 26 March, the country has received a total of $2.94 billion, as remittance inflow witnessed a massive year-on-year surge of 82% during the period, Bangladesh Bank Spokesperson Arif Hossain Khan informed reporters today (27 March).
During the same period last year, the country logged a total of $1.61 billion, he added.
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Bangladesh received $2.53 billion in remittances in February, which made it the then fourth-highest monthly inflow in the country's history.
The country had earlier recorded its highest-ever monthly remittance inflow of $2.64 billion in December last year.
A total of $2.59 billion was recorded in July 2020 and $2.54 billion was recorded in June 2024, according to central bank data.
Bankers say the remittance inflow witnessed a shot up of this high surge due to expatriates sending more money to their families marking the holy month of Ramadan and the upcoming Eid-ul-Fitr.
Previously, the bankers said a huge amount of money used to come through hundi channels.
But now the difference in interest between the open market and banking channels has narrowed, prompting expatriates to send remittances through banking channels.
