Bangladesh received a record amount of remittances at the period of August to December 2024 which played a significant role Bangladesh expatriate contribution to the economic growth. This remarkable achievement bears testimony to devotedities of millions overseas Bangladeshi expatriates who Remain steadfast in extending Their financial support to the home Country amidst all odds across the globe. The boom in remittance inflow recorded $ 13.77 billion for the period of July-December of 2024-25 which is making this financial life line crucial to enhance the forex reserve and stability of the country.
August 2024: A promising start to the surge.
Fig 5 from the foreign exchange income research shows that the amount received through remittance in August 2024 stood at $2.22 billion, that is 39percent higher than that recorded in August 2023 which was $1.6 billion. This increased volume liquidity can be linked to various reasons such as improvement in the exchange rates that saw the expatriates send money through the banking systems. Also, the measures of the Bangladesh government to rebuild the trust in the financial sector were also introduced, including enhanced regulation of banking operations and, for example, simplification of the process of receiving services to receive money transfers. It was a start of up-trend that wants to remain in the interest area for the rest of the year 2000.
September 2024: A Historic Growth Phase
Similarly, the remittance inflow, in September 2024 increased to $2.40 billion, it reveals a YoY increase of 80.2% comparing the figure with the remittance received in September 2023. This sharp rise marked a new era in the generally changing trends and patterns of remittances in the country. Reduced use of informal methods such as the hundi because of the government imposed measures and policies played a central role to this growth. There was emphasis on awareness campaigns to tapped more expatriates to send money back home, and the banks introducing competitive exchange rates therefore ensuring that hard-earned money by these expatriates reached Bangladesh through the secure channels.
October 2024: Using data on remittances from the Gulf countries, this paper demonstrates that the Philippine economy maintains a steady spurt in the growth of remittance.
With regard to current i-RMB, the remittances received in October 2024 amounted $2,390,418 thousand which is $14,180 thousand less than the previous month’s figure but reaffirms the regular money sending habit of overseas Bangladeshis. This steady growth was due to enhanced government policy support for extending usage of formal money transfers, such as tax incentives and cash bonuses of 2.5% on remitted sums. These regular flows amidst the economic instabilities around the world which clearly depicted that the Bangladeshi expatriates are very loyal and committed to their country.
November 2024: A Strong Continuation
Cash remitted in November 2024 was $2.20 billion, thus, extending the monthly flow at more than $2 billion. Such robust performance emerged although such factors as inflationary trend and geopolitics had an influence on global economies. Bangladeshi authorities, including leading financial institutions and international money transfer operators and remittance simplified process, have remained active in sustaining this pace.
December 2024: A Record-Breaking Milestone
The amount of remittance in Bangladesh in December 2024 was recorded at $2.63 billion which is the highest ever. This was a record high in the fund’s net asset value, a record that previous was held at $2.59 Billion in July 2020. The record amount of money inflowing in to the country was said to have been caused by spiritual events like Christmas and new year celebrations, during which it is believed many expatriate workers remit more money to their families back home. Furthermore, the cross-border crackdown on the use of the parallel market money transfer facilities made it possible for the government to champion the increased formal money remittance channels.
