Bangladesh received a $425mn remittance in 5 days of Oct: BB

Bangladesh received inward remittance of US $ 425 million in five days of October, showing an uptrend of $100 million remittance flow year-on-year.

According to Bangladesh Bank‍‍`s latest update, the expatriates sent $325 million remittance during the same period (October 1-5) in 2023.

The expatriates sent inward remittance of $ 6967 million ($6.69 billion) so far in the current fiscal year 2024-25, which was $5232 million ($5.23 billion) in the previous fiscal year FY2023-24.

In September, Bangladesh witnessed an increase in remittance by US $1.07 billion in a single month to $2.40 billion, as the expatriates preferred banking channels to send their hard-earned earnings in the country.

The expatriates sent $2.40 billion in remittances, which shows an 80.2 percent growth year-on-year. This growth is the highest ever in a single month. The expatriates sent $1.33 billion in remittance in the same month of the previous fiscal year.

Besides, remittances in September of FY 2024-25 rose by $180 million compared to the previous month July.

Bangladesh received a total of $6.54 billion in the July-September period of FY 2024-25, which was $4.90 billion in the previous fiscal year 2023-24. During the July-September period showed a positive growth of 33.3 percent in the current fiscal compared to the previous fiscal year.

With a blessing from increased remittances, the decline in foreign exchange reserves has halted, and they have stabilised above $20 billion as per the IMF’s BPM-6 standard, while the gross reserve currently stands at approximately $24.75 billion.

In the fiscal year 2023-24, Bangladeshi expatriates sent remittances of $23.92 billion. This figure of remittance was the second-highest collection ever. The expatriates sent the highest $24.77 billion remittance in the FY2020-21.