remittance
Expats send $670.97 million in remittance in first 8 days of Feb
Bangladeshi expatriates have sent a total of $670.97 million in remittances during the first eight days of February, according to the latest data from Bangladesh Bank.
Of the total remittance, $523 million was received through government banks, while $35.7 million came through Krishi Bank, one of the two specialised banks.
Private banks accounted for $431.5 million, and $1.9 million was sent through foreign banks.
However, during the specified period, 10 banks did not receive any remittance.
Dollar rate for remittance soars as banks compete for overdue payments
These included state-owned Bangladesh Development Bank (BDBL), Rajshahi Krishi Unnayan Bank, and several private banks such as Community Bank, Citizen Bank, Global Islami Bank, ICB Islami Bank, and Padma Bank.
Foreign sector banks that did not receive remittances included Habib Bank, National Bank of Pakistan, State Bank of India and Uoori Bank.
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The continued inflow of remittances is an important contributor to the country’s foreign exchange reserves, despite some challenges in the banking sector.
2 days ago
Dollar rate for remittance soars as banks compete for overdue payments
The US dollar rate for remittances has risen again by 50 basis points, reaching Tk 122.5.
Officials from various banks said that over the past two weeks, the price of the dollar has increased by at least 50 basis points, now standing at Tk 122.5 per dollar.
After a brief period of stability in the foreign exchange market, the remittance dollar rate has surged due to mounting pressure from overdue import payments.
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Despite this, banks continue to officially display the dollar price at Tk 122, as per Bangladesh Bank’s directive.
In late December, the central bank verbally instructed banks to cap the maximum buying and selling rate for remittance dollars at Tk 122.
It also mandated that the difference between buying and selling rates must not exceed Tk 1, warning of fines for non-compliance.
Bangladesh Bank identifies reasons behind increased dollar demand
A senior official of a private bank told UNB that the remittance dollar rate had remained between Tk 121.5 and Tk 122 in line with central bank’s instructions.
However, with overdue import payments piling up, competition among banks to secure dollars has intensified, leading some banks to purchase remittance dollars at a higher price.
At a meeting on Monday (Jan 27), the central bank directed banks to expedite payments for all overdue import liabilities and back-to-back letters of credit (LCs).
This directive, issued during a meeting of the Authorised Dealers Forum, further escalated dollar demand.
Following this, the remittance dollar rate surged, rising by at least 50 basis points to reach Tk 122.5 per dollar.
1 week ago
Bangladesh received $1.68 billion in remittance over 25 days of January
Bangladesh received $1.68 billion in remittance through legal channels during the first 25 days of January.
On average, expatriates sent $67.04 million per day during this period.
According to the latest data from Bangladesh Bank (BB), the total remittance flow for January is likely to surpass $2 billion if the current trend continues.
A breakdown of the central bank’s data shows that of the $1.68 billion received:
· $354.28 million came through state-owned banks,
· $74.4 million through a specialised bank,
· $1,242.53 million from private banks, and
· $479 million via foreign banks.
However, eight banks did not record any remittance inflow during this period. These include the state-owned Bangladesh Development Bank (BDBL) and the specialised Rajshahi Krishi Unnayan Bank.
Bangladesh receives over $1.20 billion remittance in 18 days of January
Private banks such as Community Bank, ICB Islami Bank, and Padma Bank also failed to report any remittance. Among foreign banks, Habib Bank, National Bank of Pakistan and State Bank of India did not receive any remittance.
During the first half of FY2024-25 (July–December), remittance inflows totalled $13.78 billion, compared to $10.8 billion during the same period last year—an increase of $2.98 billion.
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2 weeks ago
Bangladeshi expats set new remittance record: $2.64 billion in December 2024
Bangladesh received record-breaking remittance in December 2024, according to the latest updates from Bangladesh Bank.
In December alone, expatriates sent a staggering US $2.64 billion, marking the highest monthly remittance recorded. Adding to this milestone, a record-breaking $118 million was remitted in just one day between December 30 and 31, 2024.
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Highlighting the growth, Husne Ara Shikha, spokesperson for Bangladesh Bank, said on Wednesday that monthly remittance inflows increased by 32.5 percent year-on-year in December.
During the July to December period of 2024, expatriates sent a total of $13.77 billion, reflecting a sharp 27.6 percent growth compared to the $10.8 billion received during the same six-month period in 2023.
1 month ago
Bangladesh receives record-breaking remittance in Dec
Bangladesh has witnessed a record-breaking remittance inflow in December 2024, with expatriates sending $2.63 billion, the highest ever in the country's history for a single month.
On average, $85.1 million was remitted daily throughout December, according the latest report from Bangladesh Bank, published on Wednesday.
The report revealed that remittances in December amounted to $2.63 billion, significantly surpassing the $1.99 billion received during the same period last year.
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Previously, the highest remittance inflow was recorded in July 2020, with $2.59 billion. However, the December 2024 figures broke that record.
Contributions by Banking Channels
State-owned banks facilitated $720 million in remittances in December, while specialised banks processed $112.7 million. Private banks accounted for the largest share, handling $1.79 billion and foreign bank branches contributed $7.4 million.
Weekly Inflows in December
29–31 December: $218.2 million22–28 December: $413.3 million15–21 December: $625.9 million8–14 December: $764.9 million1–7 December: $616.5 million
Remittance Trends in 2024
The remittance flow showed significant variation throughout the year. June witnessed $2.54 billion in remittances, the highest monthly inflow before December. However, July, the first month of the fiscal year, saw a sharp drop to $1.91 billion, marking the lowest figure in ten months.
The situation began to improve after the interim government took office, with remittances reaching $2.22 billion in August, $2.40 billion in September, $2.39 billion in October, and $2.20 billion in November.
This robust inflow highlights the unwavering support of Bangladeshi expatriates in strengthening the nation’s economy, with December standing out as a historic month in remittance contributions.
1 month ago
Bangladesh's forex reserves reach $20bn amid rise in remittance
Bangladesh's foreign exchange reserves have surged to $20 billion, driven by an increase in remittances from overseas workers.
According to Bangladesh Bank’s spokesperson and Executive Director, Husne Ara Shikha, the current reserve, as of December 22, stands at $24.84 billion (or 2,484 million USD) based on the bank's latest data.
But the reserves are officially recorded at $20 billion in line with the International Monetary Fund's (IMF) BPM-6 accounting methodology.
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The reserves had reached the $20 billion mark earlier on November 6, but there was a gradual decline following that, with the reserves dipping below $19 billion during the first week of December.
Despite this dip, the inflow of remittances has provided a crucial boost to the national reserves.
During the first 21 days of December, Bangladesh received $2.07 billion in remittances, a significant rise compared to $1.575 billion and $1.572 billion received in October and November, respectively.
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The growing flow of remittances indicates improved financial support from Bangladesh's diaspora, contributing positively to the country's foreign exchange reserves.
This positive trend in remittances, along with other financial factors, is expected to continue strengthening Bangladesh's foreign exchange position, offering a buffer against global economic challenges.
1 month ago
Bangladesh receives $1.726bn in remittance in 23 days of Nov
Bangladesh received inward remittance of US $1.726 billion in 23 days of November, according to the latest data from Bangladesh Bank (BB).
As per the data, the average daily remittance received is $75 million dollars.
A review of the central bank's data showed that in the first 23 days of this November, $640 million came through state-owned banks, $131 million came through a specialised bank, $951 million came through private banks, and $4 million came through foreign banks.
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2 months ago
Significant rise in remittance inflow as Oct records over $2.39 bn
Bangladesh has witnessed a notable surge in remittance inflow from July to October this year, as compared to the same period last year, according to data provided by the Bangladesh Bank.
The total remittance inflow for this period stands at $8.938 billion, marking a sharp rise from the $6.878 billion recorded between July and October 2023.
In October 2024 alone, the remittance inflow reached an impressive $2.395 billion, significantly higher than the $1.971 billion received in October 2023.
The increase is attributed to the growing number of Bangladeshi workers abroad, improved remittance channels, and seasonal inflows as expatriates send funds to support their families in Bangladesh.
Surge in remittance: $1.94 billion sent through legal channels till Oct 26
A record-breaking figure was also observed on October 31, when remittances reached $98 million in a single day.
Economists have highlighted the positive impact of these figures, noting that robust remittance inflows can boost domestic consumption and help the country mitigate the impacts of external economic pressures.
Bangladesh Bank officials are optimistic that sustained remittance inflows will support ongoing efforts to strengthen the nation's economic standing.
3 months ago
Surge in remittance: $1.94 billion sent through legal channels till Oct 26
Bangladesh is seeing a sharp rise in remittances, with citizens working abroad sending an average of $75 million daily in October, following the recent political transition. The latest data from Bangladesh Bank reveals that a total of $1.94 billion in remittance has flown into the country by October 26.
An analysis of central bank data shows that six state-owned banks received $547 million in remittance, while Bangladesh Krishi Bank received $99.99 million. The private sector accounted for the largest share, with 42 banks collectively receiving $1.296 billion, and six foreign banks processing $5.12 million from October 1 to 26.
Islami Bank holds views-exchange with foreign banks to strengthen remittance earning
However, nine banks reported zero remittance inflow during this period. These include state-owned Bangladesh Development Bank (BDBL) and specialized Rajshahi Krishi Unnayan Bank (RKUB), as well as private banks Community Bank, Citizens Bank, ICB Islamic Bank, and Padma Bank. Foreign banks, including Habib Bank, National Bank of Pakistan, and State Bank of India, also reported no remittance transactions.
3 months ago
Bangladesh receives $1.53 billion remittance in 19 days of October
Bangladesh received $1.53 billion in remittances during the first 19 days of October 2024, according to the latest data from Bangladesh Bank. This marks an average inflow of $87 million per day.
In comparison, remittances in the same period of September totaled $1.47 billion, indicating a significant boost in October’s figures.
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Breaking down the sources, the remittances came from various banking channels:
State-owned banks contributed $400.8 million.
Specialized banks accounted for $78 million.
Private banks led the way, bringing in $1.0496 billion.
Foreign bank branches in Bangladesh facilitated $4.10 million in transfers.
Additionally, Bangladesh Bank reported that from October 13 to 19, expatriates sent $546.30 million, while $561.9 million was received between October 6 to 12, and $424.7 million in the first five days of the month.
3 months ago