United News of Bangladesh

Bangladesh is on track to set a new record in remittance inflows, with expatriates sending $2.25 billion through banking channels in the first 19 days of March. This marks a significant 78.4 per cent increase compared to the same period last year. According to the latest data from Bangladesh Bank, the surge in remittance is largely attributed to the upcoming Eid celebrations, as non-resident Bangladeshis are remitting more funds to support their families. Remittance inflow surges amid forex reserve crisis The current remittance flow far exceeds that of the previous year. During the first 19 days of March 2024, the country received $1.26 billion in remittances. The substantial year-on-year rise underscores the increasing confidence in formal banking channels and the incentives provided for legal remittance transfers. From July 2024 to 19 March 2025, total remittances reached $20.75 billion. This figure is significantly higher than the $16.34 billion recorded during the same period in the previous fiscal year, reflecting an approximate 27 per cent growth. Bangladesh receives $18.49 billion in remittances over 8 months Earlier this month, remittance inflows stood at $1.66 billion in the first 15 days of March. This means that an additional $590 million was received in the subsequent four days, with 19 March alone accounting for $132 million in remittance. Experts predict that if this trend continues, Bangladesh could surpass the $3 billion mark in remittance for March, setting a new monthly record. The highest monthly remittance inflow to date was recorded in December 2024, with $2.64 billion, followed by February 2025 with $2.54 billion. Expatriates send $1.93 billion in remittances in 22 days of Feb With Eid approaching and remittance inflows maintaining their momentum, Bangladesh is poised to achieve a historic milestone in its foreign exchange earnings through expatriate remittances.  

Bangladesh received USD 1,312.22 million (Tk 16,008.84 crore) in remittance during the first 15 days of February, according to the latest data from Bangladesh Bank. This marks an average daily inflow of USD 87.4 million (Tk 1,065.08 crore). State-owned banks accounted for USD 466.55 million (Tk 5,693.91 crore) of the total remittance, while specialised banks facilitated USD 88.79 million (Tk 1,083.24 crore). Private commercial banks received the highest share, bringing in USD 753.9 million (Tk 9,197.58 crore), whereas foreign banks handled only USD 3 million (Tk 36.6 crore). Dollar rate for remittance soars as banks compete for overdue payments On 1 February alone, Bangladesh recorded a remittance inflow of USD 186.4 million (Tk 2,274.08 crore). During the week from 2 to 8 February, expatriates sent USD 652.32 million (Tk 7,967.10 crore), while the following week, from 9 to 15 February, saw an inflow of USD 641.27 million (Tk 7,827.99 crore). The steady remittance flow remains a crucial source of foreign exchange for the country, aiding in stabilising the economy amid external financial challenges.

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. Bangladesh Bank increases crawling peg rate by Tk 2 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.

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 Bank has allowed mobile financial service (MSF) providers to bring inward remittance, in order to increase remittance inflow. The foreign exchange policy department of Bangladesh Bank issued a circular in this regard on Tuesday. According to the circular, authorized dealers can make drawing arrangements directly with exchange houses abroad without prior permission from Bangladesh Bank. Read more: Bangladesh Bank allows export income, remittance through MFS Authorized dealers are also allowed to go for drawing arrangements without letters of reference or certificates from the Bangladesh embassy or high commission of the respective country. In order to bring wider flexibility, MFS providers will be allowed to repatriate wage earners’ remittance in association with internationally recognized online payment gateway service providers, banks, digital wallets, card schemes, and aggregators abroad, said the Bangladesh Bank notification. In this context, MFS providers must have standing arrangements with foreign PSPs to receive foreign currency in their account, and equivalent taka value will be credited to the wage earners’ MFS accounts. Subsequently, foreign PSPs will provide credit to the designated dealer’s Nostro account (an account that a bank holds in a foreign currency in another bank). After receiving the amount in taka, wage earners’ can use the MFS account from abroad to do all transactions in Taka. Read more: BFIU suspends cash out from 230 MFS accounts over transactions through hundi Mobile financial services who want to provide repatriation services have to apply to Foreign Exchange  Policy Department by December 31, 2022, with details of proposed arrangements in accordance with the framework outlined above or similar conducive procedures. Bangladesh Bank will primarily accord permissions, to review arrangements for piloting the initiative. Bangladesh rolled out MFS in 2011. Since then, the service has seen a boom in the country. At present, 13 MFS operators are providing services to more than 18 crore account holders who are transferring nearly Tk 3,000 crore daily.

The remittance inflow moved slightly upward in the first 25 days of this August as Bangladeshi expatriates sent out more than $1.72 billion through the official banking channels, according to data submitted to the Bangladesh Bank by different banks. Bangladesh received $2.92 billion inward remittances in July, thanks to Eid-ul-Azha when Bangladeshis living abroad sent more money to families to celebrate one of the biggest festivals for Muslims. The expatriates sent $1.81 billion in remittances in August of the last fiscal year. Also read: Bangladesh receives $2.09 billion remittance in July; highest in 14 months Amid declining foreign exchange reserves due to rising import bills, many private sector banks are now bringing home more remittances than the public sector ones. Different private banks are buying dollars at a higher rate than state-owned ones, which is helping them attract more remittances. From 1 to 25 August, Islami Bank received $356.23 million, Agrani Bank $110.12 million, and City Bank 109.43 million in remittances. Pubali Bank received $5.48 million, Dutch-Bangla Bank $95.38 million, and Rupali Bank $93.53 million. Also read: Bangladesh receives $1.64 billion remittance in 21 days of July:BB Bangladesh saw its inward remittance drop by 15.12 percent to $21.03 billion year-on-year in FY22 after growing by more than 36 percent to $24.78 in FY21. It is mentionable though, that the drop is made steeper by the fact that the inward remittance figure for FY21 was an all-time record.

Remittance inflow has increased ahead of Eid-ul-Fitr as Bangladesh received $ 1.82 billion remittance from April 01- 27. Bangladesh Bank (BB) is expecting that the figure will exceed  USD $ 2 billion as expatriates are sending additional money for their relatives ahead of Eid-ul Fitr. Md. Serajul Islam, executive director and also spokesperson of BB told UNB on Saturday that a total of $ 1.82 billion remittance were received by different banks from April 01- 27. He hoped that  more than $30 billion remittance will be  received in the remaining days of April. Read: Customs houses to remain open during Eid holidays Bangladesh received $1.87 billion in July, $1.81 billion in August, $1.72 billion in September, $1.64 billion in October and $1.55 billion in November, $1.63 billion in December, $1.70 billion in January, $1.14 billion in February of FY 22. The expatriates sent $ 2.17 billion remittance in the month of May last year, ahead of Eid-ul Fitr.   In March 2022, the expatriates sent a $1.86 billion remittance. The inward remittance inflow of the last nine months of FY22 saw a decreasing trend compared to the corresponding  months in the FY21. In the same period of FY21, the remittance inflow was $2.59 billion in July, $ 1.96 billion in August, $ 2.15 billion in September, $ 2.10 billion in October, $2.07 billion in November, $2.05 billion in December, $ 1.96 billion in January, $1.78 billion in February and $1.91 billion in March.

Bangladesh’s remittance inflow decreased by USD $ 284.5 million to $ 1496.09 million in February of the current fiscal year compared with the same month of last fiscal year. In February of FY2020-21, the expatriates sent remittance of $ 1780.59 million to the country. Bangladesh received $ 13.44 billion remittance in the first 8 months of the current FY2021-22 which is counted from 1st of July every year. In the same period of last FY2020-21, the expatriates sent $16.68 billion. It means flow of inward remittance has decreased by $3.25 billion. Read: Remittance Magic: Bangladesh received $11.95bn in 7 months Bangladesh Bank (BB) data released on Tuesday found that the expatriates in different countries of the world sent $1496.09 million inward remittance through banking channels. The previous month, in January, expatriates sent inward remittances of $ 1704.53 million, in December $1630.66 million. The government has been providing a 2 per cent incentive from the FY2019-20 to increase remittance inflow in the formal channel (banking) discouraging hundi. Read:Central bank devalues taka to boost exports, remittances After easing global Covid restriction on movement, the inward remittance flow decreased gradually compared with the severe pandemic period. In the last FY2021-22 Bangladesh received a record $ 24.77 billion remittance, which is the highest ever. In January 2022, the government increased remittance incentive to 2.5 per cent to increase the inward remittance flow in the banking channel. It means the expatriates are now getting hassle-free Tk 102.5 for sending Tk 100 remittance through banking channels. Read Govt raises incentive on remittance to 2.5% The sector insiders said that Bangladesh's remittance inflow would increase in the remaining period of the current fiscal year as the government increased incentive rate and upward trend of fuel oil prices in the global market.

Finance Minister AHM Mustafa Kamal has said he is expecting the country’s remittance inflow to become normal within two to three months. “Hope, we’ll see an uptrend within two-three months as many of the expatriates who got stuck at home are going back to work following the improvement in the Covid-19 situation,” he told reporters on Wednesday after a meeting of the cabinet committee on public purchase. Read: Remittances hit record high in April ahead of Eid The finance minister’s remarks came against the backdrop of the consecutive fall in inward remittances of the country. As per the Bangladesh Bank’s statistics, the country received $1871.49 million in July, $1810.10 million in August and $1726.29 in million in September this year. After the fall in remittance earnings, many analysts apprehend if the downward trend continues, the country’s foreign exchange reserve may witness a decline. Read: Remittance, investment promotion campaign held in US Mustafa Kamal said Bangladesh has been witnessing continuous rise in remittance inflow as a result of the various measures, including 2 percent incentives given by the government to wage earners. He said the slight fall in remittance inflow is temporary and it will return to normalcy within two months as Bangladesh has long been receiving remittances of $22-23 billion annually.

Foreign Minister Dr AK Abdul Momen on Tuesday said Bangladesh, with its 165 million hard-working people in between two large economies like China and India, is a lucrative destination for investment.