Bangladesh receives $15.96b in 7 months, a growth of 23.6pc

Bangladesh received US $2.18 billion inward remittance in January by legal channel, a growth of 3.4 percent year-on-year.

A review of the Central Bank’s data showed that expatriates sent $15.96 billion remittances so far in 7 months from July to January of the current fiscal year 2024-25. In the same period of the previous fiscal year 2023-24, the expatriates sent $12.91 billion inward remittance. This means the flow of inward remittance grew by 23.6 percent in the FY2024-25.

The expatriates sent $70.49 million as remittance on average on each day of January 2025. In the last seven months, the country received $2.28 billion as remittances in each month from July to January.

Bangladesh received $1.91 billion as a remittance in July, $2.22 billion in August, $2.4 billion in September, $2.39 billion in October, $2.19 billion in November, and $2.64 billion in December, according to the central bank data.

Hosne Ara Shikha, Executive Director and Spokesperson of the central bank told UNB that the expatriates get instant incentives for sending remittances in the legal channel. So, the flow of inward remittance saw a growth in the legal format.

Besides, after the political changeover, the governor has taken strict measures to stop money laundering, which increased the trust among the remitters to send their hard-earned earnings to the country, she opined.

Sonali Bank received $179.26 million in remittances in January, the highest among the state-owned banks, while Islami Bank Bangladesh PLC received $282.26 million in the same month.

However, not a single penny of remittances came into 8 banks during the period. These are the public sector Bangladesh Development Bank (BDBL), and the specialised Rajshahi Krishi Unnayan Bank. Private banks include Community Bank, ICB Islami Bank, and Padma Bank. Foreign banks include Habib Bank, the National Bank of Pakistan and the State Bank of India.