Bangladesh witnessed a notable surge in remittance inflows in April, with expatriates sending US$2.75 billion, marking the second-highest monthly remittance in the country’s history.
According to data from Bangladesh Bank, $144 million was received on April 30 alone.
The total remittance inflow for the month (April 1–30) reflects a significant 34.6 percent increase compared to the same period last year.
In the first 10 months of the current fiscal year 2024–25 (July to April), Bangladesh received a total of $24.54 billion in remittances. By comparison, the inflow during the same period of the previous fiscal year (FY2023–24) was $19.11 billion, showing a 28.3 percent year-on-year growth.
Analysts note that the continued strong performance of remittance earnings, even after Eid-ul-Fitr, is a welcome boost to the country’s economy.
Bangladesh received $2.61 billion remittance in 29 days of April
March recorded an all-time high of $3.29 billion in monthly remittances.
Notably, every month of the current fiscal year has seen remittance inflows exceeding $2 billion, underscoring migrant workers' growing confidence in formal banking channels.
According to central bank sources, this upward trend is being driven by government incentives, strict enforcement against illegal money transfers (hundi), and the availability of convenient banking services for expatriates.
In parallel, a steady exchange rate of Tk 122 per US dollar and positive export growth have also contributed to the encouraging trend.
Bangladesh’s gross foreign exchange reserves reached a record high of $48.06 billion in August 2022. But, due to political instability and heavy dollar sales, the reserves declined to $20.39 billion by mid-2024.
Since the interim government assumed office, Bangladesh Bank has shifted from selling dollars to purchasing them from the market, which is aiding the recovery of reserves.
Economists believe that the ongoing rise in remittance flows will contribute to macroeconomic stability and reduce the country’s reliance on foreign loans.
The remittance figures for the first 10 months of FY2024–25 are as follows:
April: $2.75 billion
March: $3.29 billion
February: $2.53 billion
January: $2.19 billion
December: $2.64 billion
November: $2.20 billion
October: $2.39 billion
September: $2.40 billion
August: $2.22 billion
July: $1.91 billion