Bangladesh Receives Over $2 Billion in Remittances in 28 Days

Expatriate Bangladeshis sent approximately $2.11 billion in remittances during the first 28 days of September for the fiscal year 2024-25.

According to data released by Bangladesh Bank, state-owned and specialised banks processed $679.10 million of these remittances, while private banks received $1.43 billion.

Previously, the country received $1.63 billion in remittances during the first 21 days of the month. Of that amount, $550 million came through state-owned and specialised banks, and $1.08 billion was channelled through private banks, according to a report from Bangladesh Bank dated 22 September.

Last September, remittance inflows dropped to $1.33 billion after the central bank imposed penalties on banks for offering additional rates on dollar exchanges.

The central bank’s data also shows that the average daily remittance inflow for September is $77.8 million. If this rate continues, total remittances for the month are expected to surpass $2.33 billion. By 21 September this year, remittance inflows had already exceeded that amount. Bankers predict the final total will exceed $2.2 billion by the end of the month.

Bangladesh Bank Spokesperson and Executive Director Husneara Shikha emphasised the steady growth in remittance inflows since July. Expatriates are sending large amounts of remittances, providing a significant boost to Bangladesh’s foreign exchange reserves and curbing the depletion of reserves.

In the fiscal year 2023-24, Bangladeshi expatriates sent a total of $23.92 billion in remittances, marking the second-highest annual remittance figure ever. The highest remittance inflow was recorded in the fiscal year 2020-21, when expatriates sent $24.77 billion.