Remittance inflow surges 78.57pc in 9 months

Staff Reporter :

Bangladesh’s remittance inflow has witnessed a remarkable surge in the first 19 days of March, increasing by 78.57% year-on-year to reach $2.25 billion.

This surge marks a significant boost compared to $1.26 billion during the same period last year, according to Bangladesh Bank spokesperson Arif Hossain Khan.

The sharp increase is attributed to expatriates sending more money to their families in observance of the holy month of Ramadan and in anticipation of the upcoming Eid-ul-Fitr celebrations.

Bankers have observed a marked rise in remittance activity as expatriates aim to support their loved ones during these significant religious and cultural events.

In the past, a considerable portion of remittances was transferred through informal channels like hundi, which circumvented official banking routes.

However, recent reports suggest that the narrowing gap in interest rates between the open market and official banking channels has encouraged expatriates to increasingly use formal banking systems for remittances.

According to data from Bangladesh Bank, the total remittance inflow for the current fiscal year, from July 2024 to 19 March 2025, has reached $20.74 billion. This represents a notable increase of $4.41 billion, or 26.9%, from the same period in the previous fiscal year, which saw a total of $16.33 billion.

As Bangladesh continues to see strong remittance growth, the trend is expected to provide a significant boost to the country’s foreign exchange reserves, especially during the festive season of Eid-ul-Fitr.

The surge also highlights the growing confidence in the country’s banking system, as expatriates increasingly trust formal channels over informal methods to send money home.