Remittance income sent by expatriate Bangladeshis is increasing continuously in the current financial year. In the first 23 days of November, 172.64 million US dollars (1.73 billion) came in remittances, which is equivalent to about 20,716 crores in Bangladeshi taka. This picture has emerged in the updated information published by Bangladesh Bank.
In the first 23 days of November, an average of 7.5 million USD or more than Tk 900 crore remittances came in every day. If this trend continues, there is a possibility that the amount of remittances in the whole month will exceed 2.25 billion dollars.
According to the data of Bangladesh Bank, during this time, the highest remittance of about 64 million dollars came to state-owned banks, followed by 13 million dollars in specialized banks, 95 million 13 million dollars in private banks and 4 million 80 thousand dollars in foreign banks.
However, no remittance came through 9 banks. Notable among these are the state-owned bank BDBL, the specialized Rajshahi Agricultural Development Bank (RAKAB), and the private community banks, Citizens Bank, ICB Islami Bank and Padma Bank.
Statistics of monthly remittance income for the current financial year:
July 2024: $191 million.
August 2024: $222.41 million.
September 2024: $240.48 million.
October 2024: $240 million.
The highest remittance in a single month to Bangladesh came in July 2020, $2.6 billion. The highest annual remittances recorded in FY 2020-21 was $24.78 billion.
Analysts attribute the increase to government incentives to encourage expatriates to send remittances through legal channels and strict measures to prevent hundi.
Remittances from expatriate Bangladeshis are one of the main driving forces of the country's economy. Remittances of $1.73 billion in the first 23 days of November are playing an important role in keeping the country's foreign exchange reserves stable. If the current trend continues, a new record of remittance income may be created.
