Staff Reporter :
Bangladesh has set a new record by receiving $2.64 billion in remittances, marking the highest monthly inflow to date. Husne Ara Shikha, Executive Director and spokesperson of Bangladesh Bank, confirmed the figure to journalists.
The previous highest remittance inflow of $2.59 billion was recorded in July 2020 during the Covid-19 pandemic.
For the entire year, remittance inflows grew by 22 per cent, reaching nearly $27 billion in 2024. This increase was driven by a 9 per cent rise in the official dollar rate and a reduction in money laundering over the last five months of the year.
To put this growth into perspective, while remittance inflows exceeded $2 billion in just two months last year, they surpassed $2 billion in all but one month (July) this year. July’s lower inflow was attributed to internet and banking disruptions caused by a mass uprising and solidarity movements among expatriates.
Husne Ara Shikha previously explained that the reduced demand for hundi-an informal cross-border money transfer system-has also contributed to the rise in formal remittance channels.
She noted that the narrowing gap between the dollar rates in formal and informal channels, now almost Tk1, played a key role. This change was driven by the increase in the official dollar rate and the declining demand for hundi.
“Overall, this growth in remittance inflows is a positive development, and we anticipate an even better performance next year,” Shikha stated.
Senior banking officials highlighted that remittance inflows are highly sensitive to exchange rates. The upward adjustment of the dollar rate, which rose from Tk120 in August to Tk128 by December (capped at Tk123 due to central bank instructions), has significantly boosted inflows. This represents an increase of approximately Tk10 or 9 per cent in the dollar rate, further encouraging remittance growth.
