Staff Reporter :
Remittance inflows have shown continued strong performance, with expatriates sending over $2.11 billion in just the first 28 days of September.
According to data from the Bangladesh Bank published on Sunday, the country received an average of $75.5 million per day during this period.
Experts attribute the increase in remittances to the central bank’s decision to raise the dollar exchange rate by Tk3 shortly after the interim government took office, bringing it to Tk120.
This adjustment, along with a previous 2.5% increase, is seen as a key factor in encouraging expatriates to send more money home.
They explained that the closer the dollar exchange rate is to the market rate, the more incentivized expatriates feel to remit funds.
State-owned banks received $586.5 million, while specialized banks processed $92.26 million. Private banks accounted for the majority, with $1.43 billion, and foreign banks handled over $5.3 million in remittances.
Seven banks, including state-owned Bangladesh Development Bank (BDBL) and Rajshahi Agricultural Development Bank (RAKAB), and private institutions like Community Bank and ICB Bank, reported no remittance inflow.
Foreign banks such as Habib Bank, the National Bank of Pakistan, and the State Bank of India also registered no remittances.
The remittance inflow for August stood at $2.22 billion, reflecting a 39% year-on-year increase.
However, inflows had dropped to a 10-month low of $1.9 billion in July, partly due to an internet blackout during the student-led quota reform movement, which hampered expatriates’ ability to send funds.
In the fiscal year 2023-24, Bangladesh received approximately $23.9 billion in remittances, underscoring the vital role these funds play in the country’s economy.