Staff Reporter :
Bangladesh received a significant boost in remittances in June, reaching a 47-month high of $2.542 billion, as reported by the central bank.
This marks a continuation of increasing inflows, with consecutive months (April, May, and June) seeing remittances surpass $2 billion each. For the fiscal year 2023-24, total remittances amounted to $23.92 billion, reflecting a robust trend in expatriates’ contributions to the economy.
The surge in June remittances, attributed partly to Eid-ul-Azha, surpassed the $2.19 billion received in June of the previous year. In the first 26 days of June alone, Bangladesh had already accumulated $2.3 billion in remittances, indicating accelerated year-on-year growth.
Officials from the central bank noted that the rise in remittances was bolstered by favorable exchange rates, as well as seasonal factors such as Ramadan and Eid-ul-Fitr.Throughout the fiscal year, remittance growth consistently exceeded 10 percent, a stark contrast to the 2.75 percent growth seen in the preceding year.
This resurgence began notably in January when remittances first surpassed $2 billion after a period of decline.
Daily averages of approximately $80 million were recorded in the latter part of June, prompting expectations that the total remittance inflow for the month could exceed $2.5 billion.
The country witnessed the highest remittance inflow in FY24 in the last three years.
