How US tops among remittance sending countries surpassing UAE in Jul-Feb
The remittance inflow from the US doubled to $3.39 billion during the eight months of FY25 from $1.6 billion in the same period of FY24
The United States (US) became top remittance source for Bangladesh surpassing the United Arab Emirates (UAE) in July-February of fiscal year 2024-25.
The remittance inflow from the US doubled to $3.39 billion during the eight months of FY25 from $1.6 billion in the same period of FY24, Bangladesh Bank data shows.
The US accounted for 18.36% of the total $18.48 billion remittances Bangladesh received during the period of FY25 when the share was 11.11% in FY24.
The rise in remittances from the US, a country not traditionally a major labour market for Bangladesh, is attributed by experts to non-labour factors, including the record number of Bangladeshi students enrolled in US universities in FY24.
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The number of Bangladeshi students studying in the United States surged to an all-time high with more than 17,000 Bangladeshis currently enrolled in US institutions.
The number of Bangladeshi students in the United States represents a 26% increase in the year 2023-2024 from the previous academic year 2022-2023, according to the "2024 Open Doors Report on International Educational Exchange."
The high number of student migration topped the US among remittance sender countries in FY25 when it was the fourth highest remittance source in FY24.
The UAE which was the top remittance source for Bangladesh in FY24 saw a 10% fall in remittance sent by Bangladeshi expats placing the country in second position.
The total remittance received from the UAE was $2.6 billion in July-February of FY25, down from $2.9 billion in the same period of FY24.
The share of UAE in total remittance dropped significantly to 14.13% during the period from 19.27%, central bank data shows.
The UAE, which is the second largest labour destination for Bangladesh with over 26 lakh labour living in the country, imposed visa restrictions in July last year, following street protests by hundreds of Bangladeshis in the Gulf nation supporting the mass uprising.
The UAE hired an average of 5,000 workers until August last year; however, this number dropped to a mere 23 in the last month, according to the Bureau of Manpower, Employment, and Training (BMET).
However, Chief Adviser Prof Muhammad Yunus has urged the UAE authorities to lift the visa restrictions on Bangladeshi citizens and recruit more workers from the country.
He made the call during his recent visit in February to the UAE to attend the World Governments Summit in the city of Dubai.
The Gulf Cooperation Council countries (Saudi Arabia, the UAE, Kuwait, Qatar, Oman and Bahrain) contributed 43.85% of the total remittance inflows.
Among the European countries, the UK and Italy together contributed 15.15% of total remittances received in July-February of FY25.
