Remittance in Bangladesh crossed $30 billion for the first time and rose by a record $6.4 billion in the fiscal year 2024-25.
Remittance inflows crossed the $30 billion mark on Saturday, two days before the fiscal year is due to end, making it the highest receipts yet in Bangladesh’s history.
The concept of remittances is not new. Migrant labourers sending money home dates back to colonial times.
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
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.
The inflow of remittance to Bangladesh increased 21 percent year-on-year to $1.93 billion in November as most banks are offering higher rates for the US dollar to boost foreign currency collection.
Migrant workers sent home $1.93 billion in November this year, which was $1.59 billion in the same month last year.
The central bank sits with top 10 foreign exchange houses
Migrant workers sent home $1.98 billion in October, a four-month high, as banks stepped up efforts to woo more remittance buoyed by a relaxed central bank rule on incentive, a development that is expected to give some relief to a country reeling under the foreign exchange crisis.
Migrant workers sent home $1.98 billion in October
$1.34 billion came in September, lowest since April of 2020
Clearly, the major economic challenges facing Bangladesh are results of inadequate and incorrect policies.
