Remittances rebound to $2.89b in November, third highest this year
The highest inflow this year was in March at $3.29 billion, followed by May at $2.97 billion
Expatriates sent $2.89 billion in remittances in November this year, which is 31.37% higher than the same month last year when remittances amounted to $2.20 billion.
According to the Bangladesh Bank, which released the remittance data today (1 December), November recorded the third-highest remittance inflow of the year. The highest inflow this year was in March at $3.29 billion, followed by May at $2.97 billion.
In October this year, remittances stood at $2.56 billion.
Senior officials of the Bangladesh Bank and bankers say the decline in hundi operations and the stabilisation of the dollar rate have contributed to the increased remittance flow. After the change in government, many involved in hundi have either been jailed or have fled the country.
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Besides, the gap between open market and banking channel dollar rates has narrowed significantly. Previously, the open market rate was Tk5-Tk7 higher than the banking rate, but this difference has now decreased substantially.
Since the change in government, remittances through banking channels have exceeded $2 billion every month. With supply exceeding demand, the dollar rate has also fallen. For this reason, the Bangladesh Bank began purchasing dollars from commercial banks through auctions in different phases starting in July this year.
Due to the positive trend in remittances, the country's balance of payments (BoP) posted a surplus in the current account during the first two months of the fiscal 2025-26. However, despite growth in remittances, the current account turned negative mainly because of increased imports.
