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 amount is a seven-month high
Take concrete steps to address loopholes in the system
However, February's remittance of $1.56 billion was 20.3 per cent lower than the previous month's $1.95 billion
According to the Guidelines for Foreign Exchange Transactions 2018, a declaration is not required against inward remittances up to $10,000 or its equivalent.
The USA has 5 lakh Bangladeshi migrant workers and Saudi Arabia 20 lakh
Bangladeshis in the North American country sent home $966.89 million in the October-December period of 2022
“New rural” will be a critical player in the next chapter of Bangladesh’s transformation.
As the US dollar shortage persists, businesses in Bangladesh are increasingly finding it difficult to open letters of credit (LCs) since banks can’t supply the adequate American greenback needed to finance imports.
Remittance flow to Bangladesh rose to a five-month high in January as banks have given all-out efforts to mobilise dollars from abroad to tackle the stress in the foreign exchange market.
Unpredictability has become the new normal in a world afflicted by the forces of deglobalisation amidst rising geopolitical tensions.
