The biggest source of all the remittance received by Bangladesh last November was the US, according to the latest report of Bangladesh Bank (BB).

Moreover, Dhaka secured the lion's share of the foreign currencies.

Bangladeshi migrants sent home $2,199.99 million in November. Of it, $511.96 million came from the US and $684.58 million was sent to Dhaka district.

Chattogram and Sylhet divisions followed suit, receiving $603.9 million and $199.6 million respectively.

The BB report stated that remittance inflows in that month witnessed a year-on-year growth of 14 percent.

"In the current political and economic landscape, marked by inflationary pressures, exchange rate fluctuations, and rising import costs, remittances have provided much-needed relief," said the BB in its monthly report on remittance inflows.

The foreign currencies bolstered foreign currency reserves and supported millions of households across the country, it said.

Remittance inflow surged 23 percent year-on-year to nearly $27 billion in 2024, the highest on record.

"The steady flow of remittances has been a stabilising factor, contributing to poverty reduction, improved living standards, and regional development," said the report.

"In the context of the ongoing economic recovery post-pandemic, coupled with political transitions, remittances are even more critical in sustaining economic growth, ensuring liquidity in the banking sector, and reducing reliance on external borrowing," it added.

The BB reported that during the first five months of fiscal year 2024-25, which began last July, remittance inflows grew 26.44 percent year-on-year to $11,137 million.

The United Arab Emirates (UAE) was the largest source of remittance during this period, followed by the US.

Saudi Arabia, which employs over 2 million Bangladeshi migrant workers, was the third-largest source of remittance.

Other notable contributors included Malaysia, the United Kingdom, Kuwait, and Italy.

Among the banks, Islami Bank Bangladesh collected the highest amount of remittance in November 2024.

Agrani Bank and Janata Bank also performed well, reflecting their extensive networks and efficient remittance services.

The BB emphasised that workers' remittance plays a pivotal role in Bangladesh's economy, serving as one of the largest sources of foreign exchange.

Approximately 13 million Bangladeshi nationals are working in various parts of the world.

"Inward remittances from Bangladeshi expatriates are very significant for the nation... Expatriates' remittances are one of the largest sources of foreign currency," the BB noted.

The BB suggested targeted strategies to support the migrant workforce, enhance the economic benefits of remittances, improve the financial inclusion of recipients, and address the needs of migrant workers abroad.