Remittance receipt breaks annual record in 10 months

Bangladesh's remittance receipt breaks annual record in over 10 months of this fiscal year with more than US$25 billion bagged, in a much-needed prop to its foreign-exchange reserves.

With the receipt of $922 million in the first 11 days of this month, the forex-hungry nation got $25.46 billion so far in the FY'25 and accumulated figure crossed the previous yearly recorded remittance inflow of $24.777 billion registered in FY'21, official data showed.

In terms of yearly growth, a 27.70-percent growth was recorded as the country received $19.93 billion in remittance during the same period in the previous fiscal (FY'24).

Seeking anonymity, a BB official said the rising trend in remittance continued following stability in exchange rate over the last several months.

Simultaneously, the official says, operation of the informal channels for remittance remained inactive because of close regulatory watch since the changeover in state power following the July-August mass uprising.

"These factors keep alluring the remitters into sending more money back home through banking channel. As a matter of fact, the remittance inflows came at such a pace never seen before," the central banker told the FE, on an upbeat note about the change of ambiance on the foreign-exchange front.

Citing the current trend in inbound remittance, he said the way the remitters have been sending their hard-earned money, the remittance netting of this month could go up to $3.0 billion as the nation would celebrate Eid-ul-Azha early next month when the remittance inflow normally goes up significantly.

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