Bangladesh receives over $2b remittance in 28 days
Expatriate Bangladeshis sent around $2.11 billion remittances in the first 28 days of September in the fiscal year 2024-25.
Of this, remittances through state-owned and specialised banks accounted for $679.10 million, while private banks received $1.43 billion, according to Bangladesh Bank data released today.
Earlier, the country received $1.63 billion in remittances in the first 21 days of the month.
Of this, remittances through state-owned and specialised banks accounted for $550 million, while private banks received $1.08 billion, according to a report released by the Bangladesh Bank today (22 September).
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Remittance inflows fell to $1.33 billion in September last year after the central bank took punitive measures against banks for offering additional dollar prices.
The central bank's data revealed that the average daily remittance inflow for September is $77.8 million. If this pace continues, the total remittance for the month is expected to surpass $2.33 billion.
By 21 September this year, remittance inflows had already exceeded this figure. Bankers expect the remittance total to exceed $2.2 billion by the end of September.
Bangladesh Bank Spokesperson and Executive Director Husneara Shikha highlighted the steady increase in remittance inflows since July. Expatriates are sending large amounts of remittances, which has significantly boosted Bangladesh's foreign exchange reserves and halted the depletion of reserves, reports UNB.
In the fiscal year 2023-24, Bangladeshi expatriates sent a total of $23.92 billion in remittances, marking the second-highest annual figure ever.
The highest remittance inflow was recorded in the fiscal year 2020-21, with $24.77 billion sent by expatriates.
