Staff Reporter :
Bangladesh has witnessed an impressive year-on-year growth of 82.4 per cent in remittance inflows, reaching a total of US$2,945 million in the first 26 days of March.
This surge is attributed to migrant workers sending more money home to their families in anticipation of this year’s Eid-ul-Fitr, the country’s largest religious celebration.
In comparison, remittances for the same period last year amounted to US$1,614 million.
According to the latest data from Bangladesh Bank (BB), expatriates have sent a total of US$21,435 million in remittances during the period from July 2024 to 26 March 2025, compared to US$16,692 million during the same timeframe in the previous fiscal year.
This marks an increase of US$4,743 million, or 28.4 per cent, in just nine months.
The upward trend in remittances has continued to build ahead of Eid, with the first 26 days of March alone seeing inflows nearing US$3 billion.
This is a significant rise from the previous highest monthly remittance of US$2.64 billion recorded last December, with February following closely behind at US$2.53 billion.
A source from Bangladesh Bank noted that the increase in remittance inflows has been particularly pronounced since the new government took office.
The authorities have also taken steps to curb illegal money transfers through ‘hundi’ and money laundering, which has made legal channels more attractive for expatriates.
Additionally, the alignment of remittance exchange rates with those in the open market has contributed to greater confidence among overseas workers to remit money through official banking channels.
In the first eight months of the current 2024-25 fiscal year, Bangladesh received US$18.49 billion in remittances, up from US$14.94 billion in the same period of the previous fiscal year. This represents an increase of US$3.55 billion.
December 2024 marked the highest remittance inflow in the country’s history, with US$2.64 billion received, surpassing the previous record of US$2.59 billion in July 2020, during the height of the pandemic.
Since then, remittances have consistently exceeded US$2 billion per month, with seven consecutive months seeing this figure starting from August 2024.
Remittances during this period have played a crucial role in boosting the country’s economy, with Bangladesh Bank officials optimistic that the positive trend will continue as the year progresses.
