November Remittances Reach 28.9 Billion Dollars, Boosting Country’s Foreign Currency Reserves

In November, overseas Bangladeshis sent a substantial amount of money to the country. According to Bangladesh Bank, the recently concluded month saw remittance inflows of 28.89 billion US dollars. This is nearly 6.9 billion dollars more than the 21.99 billion received in the same month last year.

As a result, remittance growth stood at 31.38 percent, an unprecedented figure for a single month. Economists believe this growth will positively impact the country’s foreign currency reserves and the overall economy.

Experts note that the consistent increase in remittances plays a crucial role in stabilising the local currency and covering import costs. The total foreign currency reserve in Bangladesh has now surpassed 31 billion dollars. According to IMF accounting standards, the reserve amounts to slightly over 26 billion dollars.

Analysts also highlight that remittance inflows are being directly spent by households across the country on education, food, and investments. Such a surge in a single month sends a positive signal about the nation’s economic stability.