Bangladesh received its highest ever $2.95 billion in inward remittances in 26 days of March.
Bankers and sector insiders predict that for the first time, Bangladesh will reach a new height of receiving $3.0 billion remittance in a single month this March.
The previous monthly record was $2.64 billion, set in December 2024. That mark was broken on March 24, when it reached $2.75 billion.
According to Bangladesh Bank's latest update, the expatriates’ remittance grew by 82.4 percent year-on-year in March.
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In the current fiscal year, Bangladesh received $21.44 billion remittance from July to March 26. In the previous fiscal year, the country received $16.69 billion remittance in the same period.
“The economy has regained some relief with the increase in remittance flow ahead of this year's Ramadan and Eid. There is another festival immediately after Eid. All this is positive for the economy,” said Dr. M. Mashrur Reaz, former World Bank economist.
As a result, the economy has been somewhat boosted around the festivals of Ramadan, Eid, and Pahela Baishakh, he said.
Sector stakeholders said that the pace of expatriate income has increased since the new government took office. At the same time, hundi trading and money laundering have decreased. Apart from this, the dollar price of remittances is available in banks like in the open (kerb) market. For these, expatriates are showing interest in sending remittances through legal channels.
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Economists say that people's consumption demand increases around the festival. As a result, economic activity increases as huge amounts of money change hands frequently in various sectors. This increases the government's revenue.
According to the Bangladesh Bank data, the expatriates sent remittance in 8 months, from July to February, as follows-
*In July, $ 1.91 billion
*August $2.22 billion
* September $2.4 billion
*October $2.39 billion
*November $2.2 billion
*December $2.64 billion
*January $2.19 billion
*February 2.53 billion.
Bangladesh set to achieve record remittance inflow in March