Highest ever remittance inflows in March encouraging
We are encouraged by the highest ever remittance inflows into the country by the expatriate Bangladeshis at a time when our economy is under significant pressure due to dwindling foreign exchange reserves and various other external payment obligations.
According to a report published in this newspaper on Monday, quoting Bangladesh Bank data, remittances sent by our migrant workers reached $3.29 billion in a single month in March. Bangladesh usually gets higher remittances before the two Eid festivals.
This year Eid-ul-Fitr was celebrated on 31st March. This is a remarkable year-on-year growth of 64.7 per cent.
As per the central bank data, from 1 October to 26 October last year, Islami Bank Bangladesh received the highest amount of remittance at $371 million, followed by Agrani Bank at $185 million, Sonali Bank at $143 million, and BRAC Bank at $122 million.
We hope that this upward trend in remittance inflows will continue in the coming months, which will eventually help ease pressure on our forex reserves.
Indeed, after the fall of the autocratic Awami League government on August 5, remittance inflows have experienced a significant surge, with over $2 billion coming into the country every month since then.
In December alone, a record $2.63 billion was received, marking a 33 per cent increase compared to the previous year.
Evidently, expatriates are aware of developments in Bangladesh and are actively seeking ways to support their homeland.
And this change encourages them to send money through official banking channels.
It is to be noted that during the July uprising, many expatriates vowed to refrain from sending remittances through legal channels in protest against the brutal crackdown on demonstrators, reflecting their deep sense of responsibility to the nation.
The total remittance inflow, as per the central bank report, reached $21.779 billion during the July- March period of the current fiscal year 2025.
Remittance offers us a lifeline. It serves as a foundation upon which to build a more robust and diversified economy.
We hope the authorities will continue to prioritise policies that promote remittances, better serve our expatriates, and improve other economic factors as a result.