Bangladesh recorded a sharp rise in remittance inflows in May, as migrant workers sent more money home in the run-up to Eid-ul-Azha, which falls in early June.
Bangladeshi migrants sent home $2.75 billion in the month
Migrants sent home $2.6 billion in the first 29 days of April
SM Faruqi Hasan, founding president of the Ontario unit of the Awami League, is involved in the case
Remittances have become a much-anticipated relief for the economy reeling under macroeconomic stress, growing steadily since August last year and providing the interim government with a breather amid a rapid erosion of foreign exchange reserves.
Migrants sent home $2.52 billion in February
Migrants sent home $2.18 billion in the first month of 2025
However, November’s inflow of $2.2 billion was 8.16% lower than the previous month
Migrant Bangladeshis sent home $2.39 billion in October
After hovering around the $21-billion mark for the previous two fiscal years, total remittances sent home by Bangladesh’s migrant workers reached nearly $24 billion in the just concluded fiscal year of 2023-24, providing some breathing space amid the forex crunch.
Bangladesh received the highest remittance from the United Arab Emirates in the first 10 months of the outgoing fiscal year, well ahead of traditional powerhouses such as Saudi Arabia and the United States, central bank figures showed.
Economic, political failures major drivers behind the surge
Bangladesh's economy heavily depends on garment exports and remittances for its foreign exchange reserves, with limited diversification in agricultural products. Despite being an agrarian society, it imports key agriculture-related products, straining reserves.
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Suspicious transaction and activity reporting shot up 65 percent year-on-year to 14,106, with 91 percent of the reports filed by scheduled banks, according to the annual report of BFIU
Migrant workers sent home $2.1 billion in January
The return and reintegration of migrants is an integral part of the migration cycle
Bangladesh has long relied on its diaspora's remittances, accounting for 4.76 percent of GDP in 2022-23 – the true potential lies in fostering deeper engagement
The remittance experienced a sharp decline—13.5 percent year-on-year—when it hit $4.91 billion in the July-September quarter of 2024, down from $5.67 billion in the same period previous year, according to the quarterly data of the central bank.
