Staff Reporter :
Since the fall of kleptomaniac Hasina regime, Bangladesh’s remittance inflow has continued to rise, with expatriate Bangladeshis sending $2.39 billion in October 2024, a 21.31 per cent increase compared to the same month last year. Data from Bangladesh Bank shows that remittances in October 2023 were $1.97 billion.
For the first four months of the current fiscal year 2024-25 (July to October), remittance inflow rose by more than 32 per cent, reaching $8.83 billion compared to $6.87 billion in the corresponding period of the previous fiscal year.
However, October’s remittance inflow was slightly down by 0.41 per cent from September, when the country received $2.4 billion.
Bangladesh’s remittance inflow had hit a 10-month low of $1.90 billion in July, partly due to an internet blackout that affected
expatriates’ ability to send funds amid the student quota reform movement.
Remittances sent by Bangladeshis abroad surged 80.28 per cent year-on-year in September, with daily average remittances reaching $75 million, according to data published by Bangladesh Bank on Sunday.
Commenting on the increase, experts attributed the trend partly to the central bank’s decision to raise the dollar rate by 2.5 per cent, which has created some breathing space and eased pressure on foreign exchange reserves.
Shortly after the interim government assumed office, the dollar rate was raised by Tk3 to Tk120.
Experts noted a direct correlation between the dollar rate and remittance inflows, as expatriates are more encouraged to remit funds when the rate is close to the market rate.
In October, out of the total remittances received, over $726.16 million was channeled through state-owned banks, $119.90 million through a specialised bank (Krishi Bank), $1.54 billion through private banks, and $7.17 million through foreign banks.
Notably, nine banks recorded no remittances during October.
These included state-owned Bangladesh Development Bank (BDBL), the specialised Rajshahi Krishi Unnayan Bank (RAKUB), and private banks such as Community Bank, Citizens Bank, ICB Islamic Bank, and Padma Bank.
Among foreign banks, no remittances were sent via Habib Bank, the National Bank of Pakistan, and the State Bank of India.
In the last fiscal year (2023-24), Bangladesh received approximately $23.9 billion in remittances.