In the first 15 days of the holy month of Ramadan, Bangladesh received $1.66 billion in remittances through banking channels, equivalent to BDT 202.52 billion. This information comes from updated statistics from Bangladesh Bank. The data reveals that remittance inflow in the second week of March was $60 million higher than in the first week. In the first week, $810 million arrived, while in the second week, remittances totaled $850 million.
Generally, remittance inflows increase significantly before the two Eid festivals. Last year, in the five days leading up to Eid-ul-Fitr, expatriates sent $450 million, averaging $90 million per day. In contrast, the daily average for the first and second weeks of this March stood at $110 million and $120 million, respectively. According to Bangladesh Bank, in the first 15 days of March, six state-owned commercial banks—Agrani, Janata, Rupali, Sonali, Basic, and Bangladesh Development Bank—received a total of $370 million in remittances. Meanwhile, private banks accounted for $1.15 billion. As usual, Islami Bank received the highest amount, approximately $500 million. Additionally, BRAC Bank received $90 million, Trust Bank $89.7 million, and Citibank $89.5 million, with the remaining amount coming through specialized banks. Since the political shift last August, expatriates have consistently sent over $2 billion per month for seven consecutive months. In February alone, remittance inflows reached $2.528 billion, a 17% increase compared to the same period last year. In January, remittance inflows were 3% higher than in the previous month.
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Overall, in the first eight months of the current fiscal year, expatriates sent $18.49 billion, reflecting a 24% increase compared to the same period in the previous fiscal year. During the same timeframe in FY 2023-24, remittance inflows stood at $14.93 billion. Remittances serve as the only liability-free source of foreign currency supply in the country. Unlike export earnings, which require spending foreign currency on importing raw materials and machinery, remittances come without any associated costs. Similarly, foreign loan repayments require US dollars. Therefore, an increase in remittances directly strengthens the country’s foreign exchange reserves.
Source: Prothom Alo
