Bangladeshi expatriates sent $814.29 million in remittances in the first eight days of March, according to the latest data from Bangladesh Bank.
Of this total, $231.35 million came through government banks, $68.45 million through the specialised Krishi Bank, $512.94 million through private banks, and $1.54 million through foreign banks.
However, nine banks did not receive any remittances during this period. These include the state-owned Bangladesh Development Bank (BDBL) and the specialised Rajshahi Krishi Unnayan Bank. Among private banks, Community Bank, ICB Islami Bank, and Padma Bank recorded no remittance inflows. Foreign banks that did not receive remittances include Habib Bank, National Bank of Pakistan, Woori Bank, and State Bank of India.
Despite concerns over declining foreign exchange reserves, remittance inflows have remained on an upward trend. From July to February of the current fiscal year (FY 2024-25), Bangladesh received a total of $18.49 billion in remittances, marking a 23.8% increase from $14.93 billion during the same period in FY 2023-24.
According to Bangladesh Bank data, remittance inflows over the last eight months were $1.91 billion in July, $2.22 billion in August, $2.4 billion in September, $2.39 billion in October, $2.2 billion in November, $2.64 billion in December, $2.19 billion in January, and $2.53 billion in February.
Economic analysts suggest that the steady growth in remittances is crucial for Bangladesh’s economy, especially as the country grapples with a foreign exchange reserve crisis. They believe that the rising remittance inflows will help stabilize reserves and maintain liquidity in the banking sector.
