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TL;DR
- Bangladesh received $425 million in remittances during the first five days of October 2024, a significant increase from $325 million in the same period last year.
- State-owned and specialized banks accounted for $123.04 million of the remittances, while private banks received $300.20 million.
- From July to October 5, 2024, total remittances reached $6.967 billion, compared to $5.232 billion in the same period of the previous fiscal year.
- September 2024 saw a record-breaking $2.40 billion in remittances, marking an 80.2% year-on-year growth and the highest monthly inflow in recent years.
Bangladesh has witnessed a significant increase in remittance inflows during the first five days of October 2024, with expatriates sending $425 million to the country. This marks a substantial rise from the $325 million received during the same period last year.
According to data released by the Bangladesh Bank on October 6, the remittance breakdown shows that $123.04 million was channeled through state-owned and specialized banks, while private banks received $300.20 million.
The upward trend in remittances is not limited to October alone. From July 2024 to October 5, Bangladesh received a total of $6.967 billion in remittances, compared to $5.232 billion during the same period in the previous fiscal year. This represents a year-on-year increase of approximately 33%.
The surge in remittances is particularly noteworthy given the country’s recent economic challenges. Increased remittance inflows can provide a much-needed boost to Bangladesh’s foreign exchange reserves and overall economic stability.
Experts attribute this rise to several factors, including improved banking channels for money transfers and potential economic incentives for expatriates to send money home. The Bangladesh government has been actively encouraging remittances through official channels, recognizing their importance to the national economy.
This positive trend in remittances comes on the heels of a record-breaking September, where Bangladesh received $2.40 billion in a single month – the highest monthly inflow in recent years. The continued growth in remittances could play a crucial role in supporting Bangladesh’s economic recovery and development efforts in the coming months.
Source: TBS News
