Bangladesh received $2.53 billion through remittances in February which ended recently. This is the fourth highest monthly inflow in the history of the country. The most recent remittance data was made public by the Bangladesh Bank today, March 2. Bangladesh reported its largest monthly remittance inflow ever in December of last year, totaling $2.64 billion, according to central bank figures. In July 2020, the second-highest inflow of $2.59 billion was noted. The central bank reports that the overall amount of remittance inflow for the July–February period of the current fiscal year, FY2024–25, was $18.49 billion, which represents a 23.8% increase over the same time in the previous fiscal year. In FY2023-24, the nation received $14.94 billion in remittances from July to February. The holy month of Ramadan, when remittance inflows usually increase as expatriates send more money to support their families, has been blamed for the February jump, which is 25% greater than the amount received in the same month last year.
According to central bank data remittance inflows in February 2024 totaled $2.02 billion. Moreover bank authorities remittances typically rise during Ramadan and the two Eid holidays. In addition to encouraging expatriates to use banking channels, the trend has persisted this year due to a narrower discrepancy between the dollar exchange rate in official and informal channels. Notably, variations in remittance inflows are significantly influenced by the disparity in exchange rates between different routes.
Source: The Business Stadard
