Picture: Collected
In the first 21 days of September, Bangladesh received $1.63 billion in remittances. Of this amount, $550 million came through state-owned and specialized banks, while private banks received $1.08 billion, as reported by the Bangladesh Bank on September 22.
Last year, remittance inflows dropped to $1.33 billion in September after the central bank imposed penalties on banks for offering higher dollar prices.
The central bank’s data shows that the average daily remittance inflow for September is $77.8 million. If this rate continues, the monthly remittance is expected to exceed $2.33 billion.
By September 21 this year, remittance inflows had already surpassed this figure. Bankers predict that the total remittance for September will exceed $2.2 billion.
Bangladesh Bank Spokesperson and Executive Director Husneara Shikha noted the consistent increase in remittance inflows since July. Expatriates are sending substantial amounts of remittances, significantly boosting Bangladesh’s foreign exchange reserves and preventing further depletion, according to UNB.
In the fiscal year 2023-24, Bangladeshi expatriates sent $23.92 billion in remittances, the second-highest annual figure ever recorded. The highest remittance inflow was in the fiscal year 2020-21, with $24.77 billion sent by expatriates.
