In the first 19 days of November, expatriate Bangladeshis sent over $2 billion (200 crore) in remittances back home. This amounts to nearly 24,500 crore Bangladeshi Taka (calculated at an exchange rate of 122 Taka to 1 US Dollar). This influx of remittances has provided a significant boost to the country’s foreign exchange reserves.
According to the latest update from Bangladesh Bank on 20th November, central bank officials stated that the remittances sent through legal banking channels have strengthened the country’s financial standing. The government’s efforts to combat hundi (illegal money transfer) and incentives to improve the banking system have played a key role in maintaining this steady flow of remittances.
Economists believe that if this trend continues throughout the remainder of November, the total remittance inflow could surpass $3 billion by the end of the month. In October, expatriates sent $2.56 billion (256.34 crore), which was $168.4 million more than the same period last year.
According to the Bangladesh Bank, remittance inflows for the first four months of the current fiscal year (July-October) amounted to $10.15 billion, a 13.56% increase compared to the same period last year, when $8.93 billion was sent.
This growth in remittance inflows is seen as a positive indicator for the country’s economy and foreign currency reserves. Experts are optimistic that this continued flow will provide significant financial support for Bangladesh’s growth in the coming months.
Table: Remittance Inflows (Fiscal Year 2024-25)
| Month | Remittance (USD) | Year-on-Year Change |
|---|---|---|
| July | $2.47 billion | – |
| August | $2.42 billion | – |
| September | $2.68 billion | – |
| October | $2.56 billion | $168.4 million increase |
| November (19 Days) | $2 billion | – |
Top Sources of Remittance to Bangladesh:
The United States continues to be the top source of remittances to Bangladesh. The government’s various initiatives and improvements in the banking sector have led to a reduction in the use of informal channels like hundi, with more people now using legal banking methods to send money home.
With this continued trend, experts believe that Bangladesh could see even higher foreign exchange reserves, further stabilising the country’s financial standing.