Bangladesh has witnessed a sharp rise in remittances in September, with expatriates sending $2.40 billion through formal banking channels in a single month, marking a $1.07 billion increase. This represents an 80.2% growth compared to the same period last year, according to the latest update from Bangladesh Bank.

The significant growth is the highest ever recorded in a single month. In comparison, remittances in the same month of the previous fiscal year totaled $1.33 billion. Additionally, the remittance inflow for September in the current fiscal year (FY 2024-25) rose by $180 million compared to the previous month of July.

During the July-September period of FY 2024-25, Bangladesh received $6.54 billion in remittances, up from $4.90 billion during the same period in FY 2023-24. This reflects a 33.3% increase year-on-year.

Remittances clock $2.11 billion in 28 days of September

The surge in remittances has provided a much-needed cushion for Bangladesh’s foreign exchange reserves, which had been depleting in recent months. With this increase, reserves have stabilized above $20 billion, adhering to the IMF’s BPM-6 standard. The gross reserves now stand at approximately $24.5 billion.

In the previous fiscal year (FY 2023-24), Bangladeshi expatriates sent a total of $23.92 billion, making it the second-highest remittance collection in the country’s history. The highest remittance on record was $24.77 billion, sent during FY 2020-21.