In the first 12 days of the current month, August (1–12 August), expatriates have sent more than USD 1 billion (USD 100 crore) to Bangladesh in remittance.
During this period, remittances totalled USD 1.054 billion (USD 105.4 crore), according to the Bangladesh Bank.
The central bank reported that in the first 12 days of August this year, remittances reached USD 1.054 billion (USD 105.4 crore), compared with USD 721 million (USD 72.1 crore) during the same period last year (1–12 August 2024).
This accounts for an increase of about USD 333 million (USD 33.3 crore), representing a 34 per cent growth compared to the same period last year.
Banking sector insiders say the current financial year has started well in terms of remittance inflows. In July, the first month of the fiscal year, remittances grew by 29 per cent.
That month, expatriates sent home USD 2.47 billion (USD 247 crore), compared to the USD 1.91 billion (USD 191 crore) sent in July last year.
According to banking officials, this high growth in remittance inflow has had a positive impact on the country’s foreign exchange reserves and reduced pressure on the dollar market.
Strict government action against illegal money transfers, along with various incentives encouraging remittances through legal channels, has played a key role in boosting remittance inflows.
Bangladesh Bank officials said that all outstanding foreign debt repayments have been cleared in recent months. Improvements in the balance of payments have also eased pressure on the dollar.
Moreover, foreign banks’ confidence in Bangladesh has been restored, bringing stability to the foreign currency market.
Meanwhile, in the recently concluded 2024–25 fiscal year, Bangladesh received a record USD 30.33 billion (USD 3,033 crore) in remittances, which is the highest in the country’s history for a single fiscal year.
This was about USD 6.5 billion (USD 650 crore), or 26.8 per cent, higher than the inflow from the previous year. The increase in remittance inflow has also contributed to stabilise the dollar market.
With the disbursement of loans from the International Monetary Fund (IMF), World Bank, and Asian Development Bank (ADB), Bangladesh Bank’s foreign exchange reserves rose to USD 30.24 billion (USD 3,024 crore) on 10 August.
According to the IMF’s BPM6 accounting standard however, the reserve stood at USD 25.23 billion (USD 2,523 crore) that day.
