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
Bangladesh received $1.7 billion in remittance in December, up 4.29 per cent year-on-year, central bank data showed today.
Outward remittances from Bangladesh through legal channels crossed the $100-million mark for the first time in 2021 as more foreigners are working in the fast-growing economy, data from a global organisation showed.
Bangladesh welcomed 2022 on a strong footing and was about to recover from the coronavirus pandemic in full swing and fire on all cylinders. In fact, economic activities were almost back to the pre-Covid level.
Mobile financial service providers (MFSPs) have been allowed to bring in wage earners’ remittance to Bangladesh, said the central bank today.
The burden of imported inflation and supply-side implications of reduced imports will have adverse implications for economic growth and welfare, particularly of marginalised people.
Bangladesh should train migrant workers on digital literacy so that they send remittance home through legal channels and using electronic platforms instead of turning to hundi operators, speakers said today.
Banks in Bangladesh today decided to withdraw service charge on remittances sent home by expatriate Bangladeshis with a view to gearing up the inflow.
Do we know which were the top remittance receiving banks in Bangladesh for the month?
Remittance declined further in October, intensifying the pressure on the government to manage its macroeconomy amid plummeting foreign exchange reserves.
Despite a surge in the outflow of migrant workers, remittances to Bangladesh declined 11 percent year-on-year to $1.54 billion in September, the lowest in seven months.
