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. Bangladesh had to accept huge Rohingyas under certain circumstances: Touhid Hossain 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. DSEX drops by 5.56 points; prices of 130 companies falls during early trading 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.

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. Read: Bangladesh seeks Belgium’s backing for GSP+, post-LDC graduation  

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.  

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.

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. Two-day ‘Bangladesh Remittance Fair’ to start on Oct 20 in NY 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.    

Bangladeshi expatriates have sent US $986 million in remittance in 12 days of October, showing an upward trend of inward remittance flow in the legal channel. According to the latest update of the Bangladesh Bank (BB), the expatriates have sent $8.22 crore in the country in a day till Monday (October 14). Bangladesh received a $425mn remittance in 5 days of Oct: BB Analysing the central bank data shows that state-owned 6 bank received $ 245.57 million in remittance, specialized Bangladesh Krishi Bank received $44.45 million, 43 private commercial banks received $693.57 million and 5 foreign commercial banks received $2.64 million in remittance till Monday. Forex reserves increase thanks to positive trend in remittance inflow: Bangladesh Bank In the current fiscal year FY2024-25, the expatriates sent $1.91 billion remittance in July, $2.22 billion in August, and $ 2.4 billion in September.

Bangladesh received inward remittance of US $ 425 million in five days of October, showing an uptrend of $100 million remittance flow year-on-year. According to Bangladesh Bank's latest update, the expatriates sent $325 million remittance during the same period (October 1-5) in 2023. The expatriates sent inward remittance of $ 6967 million ($6.69 billion) so far in the current fiscal year 2024-25, which was $5232 million ($5.23 billion) in the previous fiscal year FY2023-24. Bangladesh receives $2.4bn remittance in Sept, marking an 80.2% growth year-on-year In September, Bangladesh witnessed an increase in remittance by US $1.07 billion in a single month to $2.40 billion, as the expatriates preferred banking channels to send their hard-earned earnings in the country. The expatriates sent $2.40 billion in remittances, which shows an 80.2 percent growth year-on-year. This growth is the highest ever in a single month. The expatriates sent $1.33 billion in remittance in the same month of the previous fiscal year. Besides, remittances in September of FY 2024-25 rose by $180 million compared to the previous month July. Bangladesh received a total of $6.54 billion in the July-September period of FY 2024-25, which was $4.90 billion in the previous fiscal year 2023-24. During the July-September period showed a positive growth of 33.3 percent in the current fiscal compared to the previous fiscal year. Islami Bank holds views-exchange with foreign banks to strengthen remittance earning With a blessing from increased remittances, the decline in foreign exchange reserves has halted, and they have stabilised above $20 billion as per the IMF’s BPM-6 standard, while the gross reserve currently stands at approximately $24.75 billion. In the fiscal year 2023-24, Bangladeshi expatriates sent remittances of $23.92 billion. This figure of remittance was the second-highest collection ever. The expatriates sent the highest $24.77 billion remittance in the FY2020-21.

Bangladesh has received US$ 23.915 billion in remittances for the fiscal year 2023-24, ending on June 30, marking the second highest remittance inflow in a fiscal year to date. Md Mezbaul Haque, Executive Director and Spokesperson of Bangladesh Bank, told UNB that expatriate Bangladeshis sent $2.542 billion in remittances in June 2024. This brought the total remittance amount from July 1 to June 30 of FY 2023-24 to $23.915 billion, compared to $21.610 billion in the previous fiscal year. Bangladesh Bank extends Tk 5000 crore refinance scheme to support food security Remittance inflow to Bangladesh rose 15.59 percent year-on-year to $2.542 billion in June, as migrant workers sent more money home for Eid-ul-Azha. In May 2024, expatriate workers sent $2.253 billion in remittances. Sector insiders attribute this growth to the higher exchange rate of the dollar and the festive occasion of Eid-ul-Azha, which prompted expatriates to send additional remittances to their families. Economist Dr. Ahsan H. Mansur commented that Bangladesh can increase remittances through legal channels by enhancing financial and non-financial benefits for the remitters. He noted that many remitters prefer the illegal Hundi system due to its higher exchange rate, diverting legal remittances to illegal channels. Read more: How to safely send remittance to Bangladesh?

Bangladesh received inward remittances of USD $2.16 billion in February, which is the highest in 8 months (July-February) in the current fiscal year 2023-24. According to the provisional data of the Bangladesh Bank (BB) revealed on Sunday, the expatriates sent $2.16 billion remittance to the country through the legal channel. In the previous month January, the expatriates had sent $2.10 billion in remittances. Bangladesh has received so far $13.26 billion in inward remittances in the first eight months of the year through the legal channel. Md Mezbaul Haque, BB spokesperson, told UNB that inward remittances flow increased in the legal channel as the government and banks are providing incentives. Read more: Brac Bank introduces digital Form C, electronic document submission platform for commercial remittances He said the central bank instructed banks to provide additional incentives from their financial sources, which keeps a role in increasing the flow of inward remittances in the legal channel. With the government's 2.5 percent incentive on expatriate income, banks can buy dollars at an additional 2.5 percent higher price. A total of 5 percent is getting incentives. As a result, remittances are coming to the country through legal channels. The executive director of the private research institute South Asian Network on Economic Modeling (SANEM) Prof Dr. Selim Raihan said that a total of 5 percent incentive on remittances will help to boost remittances temporarily. But there will be no long-term solution. Dr. Raihan said,”To increase remittances, hundi should be stopped. If you want to stop hundi, you have to stop money laundering. Now a lot of money is being smuggled abroad. It has to be controlled by any means.”  Read more: How to safely send remittance to Bangladesh?

Bangladesh recorded just $1.6 billion in inward remittances for the month of August, a six-month low that narrowly surpassed February's $1.56 billion. The country received $2.19 billion in remittances in June, followed by $1.97 billion in July, raising hopes of an uptick stabilising around $2 billion. But the August data arrived to shatter such misconceptions. Also read: Bangladesh received $1.97 billion remittance in July Year-on-year, inward remittance flow declined by 21.57 percent in August, from the high  of $2.03 billion in 2022-23, and $1.81 billion in 2021-22. The sector insiders and observers could only point to increased hundi i.e. sending or receiving money via careers or other irregular channels, as a cause for the decline. Normally hundi increases when the dollar price gap widens in the kerb (open) market than in banking channels. Also read: $21.61 billion remittances in FY23, second highest ever “When demand for hundi increases, remittances decrease. The dollar was  fetching Tk 5-6 more in the kerb market than in banks last month. So, expatriates reduced sending remittances through legal channels to avail the higher offer in the kerb market,” they pointed out. For almost a year now, banks have been fixing the price of the dollar in terms of payment of export and expatriate income and import liabilities for the dollar crisis and market stability. Now the banks are offering Tk109.5 per dollar for expatriate income. Export bill encashment offers a price of Tk109.5 per dollar and a maximum of taka Tk110 for import and interbank transactions. Also read: US Dollar rate Tk108.5 for remittance, Tk107 for exports from Thursday