In the first 26 days of this month, a record $2.94 billion in remittances has been sent to Bangladesh, with $197 million coming in the last two days alone.
With just a little more remittance needed, it is likely that, for the first time ever, the amount will surpass $3 billion, or $300 million.
Remittances continued to flow in on Thursday, though official figures are yet to be reported.
With four more days left in the month, it is almost certain that remittances will set a new record this month.
In comparison, the total remittance for February was $2.52 billion. On average, $113 million has been sent daily in March, according to updated data from Bangladesh Bank.
This will be the first Eid after the fall of the Awami League government in August of last year. Overseas workers are sending more remittances through legal channels than ever before.
Bankers attribute this increase in remittances to a decrease in money laundering, leading expatriates to opt for legal means to send their earnings.
As a result, a new record for remittances has been set during the holy month of Ramadan.
Officials say the remittance surge has helped alleviate the ongoing dollar crisis faced by banks.
They also report that the volatility in the dollar`s price has reduced. Banks are now purchasing remittances within the central bank`s fixed rate of Tk 123 per dollar.
Remittance Flow in March
Data from Bangladesh Bank reveals that in the first 15 days of the month, $1.66 billion in remittances was received.
By March 19, the amount sent through banking channels, or legal routes, reached $2.25 billion, including $130 million in remittances on March 19 alone.
From March 1 to 22, the total remittance amounted to $2.43 billion, which increased to $2.7 billion by March 24. By the 26th of the month, the total reached $2.94 billion.
In the first week of March, an average of $110 million was sent daily, and in the second week, this figure rose to $120 million.
Typically, remittances increase significantly in the months leading up to the two Eids.
Last year, in the five days before Eid-ul-Fitr, $450 million was sent in remittances, with an average of $90 million per day.
In the following four days, expatriates increased their remittance flow even further.
Since the political changes in August last year, expatriates have sent over $2 billion every month for the last seven months.
In February, remittances amounted to $2.528 billion, a 17% increase compared to the same period last year.
In January of this year, remittances were 3% higher than in the same month last year.
In total, expatriates sent $18.49 billion during the first eight months (July–March) of the 2024–25 fiscal year, a 24% increase compared to the same period of the previous fiscal year.
In the same period of the 2023–24 fiscal year, remittances amounted to $14.93 billion.
It has been reported that the competition among banks to buy remittance dollars has decreased significantly.
As a result, the dollar price has remained stable at around Tk 123, reducing the cost of imported goods.
Consequently, the price of imported food items has not increased significantly.
Previously, the dollar rate had risen as high as Tk 128.
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