Record Surge in Remittance Inflows

Bangladesh has witnessed a notable surge in remittance inflows during the first 24 days of March, reflecting sustained financial contributions from expatriate workers across the globe. According to data released by the central bank, a total of 305 million US dollars was received during this period, marking a robust and positive trend in foreign currency inflows.

The information was disclosed on Wednesday, 25 March, by Arif Hossain Khan, spokesperson of the central bank. He noted that the daily average remittance during this period stood at approximately 12.71 million US dollars. Converting this into local currency, based on an exchange rate of 122 taka per US dollar, the total amount received is estimated at around 37,210 crore taka. This steady inflow plays a crucial role in stabilising the country’s foreign exchange reserves and supporting overall macroeconomic stability.

Compared with the corresponding period of the previous year, remittance inflows have recorded a significant increase. In the same 24-day period last year, Bangladesh received 274.9 million US dollars. This year’s higher figure highlights growing confidence among expatriates and the resilience of remittance channels despite global economic challenges.

To present a clearer picture of recent trends, the following table summarises monthly remittance inflows during the current financial year:

These figures indicate that remittance inflows have remained consistently strong throughout the fiscal year. Notably, December marked the highest monthly remittance inflow in Bangladesh’s history, while January also secured a place among the top-performing months on record.

From July to 24 March of the current fiscal year, total remittance inflows reached 25.504 billion US dollars. This represents a substantial increase of 20.10 per cent compared to the same period in the previous fiscal year, highlighting a strong upward trajectory in overseas earnings.

In the broader context, expatriate Bangladeshis have played a vital role in sustaining the national economy through their hard-earned remittances. These inflows not only support household consumption and social welfare but also contribute significantly to foreign exchange reserves, helping to maintain import capacity and financial stability.

Looking at the full fiscal year 2024–25, total remittance inflows stood at an all-time high of 30.32 billion US dollars (equivalent to 3,032.80 million in local terminology), marking the highest-ever annual remittance record in the country’s history. This milestone underscores the growing importance of the expatriate workforce and the effectiveness of policies aimed at facilitating formal remittance channels.

Economists suggest that maintaining this positive momentum will depend on several factors, including exchange rate stability, incentives for legal remittance channels, and continued engagement with the global labour market. The central bank’s efforts to streamline remittance processes and encourage formal transfers are expected to further support this upward trend in the coming months.

Overall, the latest figures reinforce Bangladesh’s strong remittance performance and highlight the critical role played by its overseas workforce in sustaining economic growth and stability.