Remittance up 32pc in May ahead of Eid

Bangladesh witnessed a significant increase in remittance inflows in May, with a 32.35 per cent rise compared to the same month last year, as migrants sent more money home ahead of the Eid-ul-Azha festival.

According to data from Bangladesh Bank, remittance receipts totalled $2.25 billion in May, up from $1.7 billion in the same month the previous year.

Money transfers from Bangladeshi expatriates abroad surged to $2.043 billion in April, marking a more than 21 per cent rise compared to the same month last year, coinciding with Eid-ul-Fitr, according to the official data.

Sector insiders said that the boost in both April and May remittance inflows was driven by migrants sending additional funds to support their families during the festivals.