Remittances cross $2.25b in 19 days, up 78pc

Remittance inflows have surpassed $2 billion in the first 19 days of March, according to Bangladesh Bank data.

On Thursday, the central bank reported that expatriates sent $2.25 billion during this period.

Bangladesh Bank Assistant Spokesperson and Director Shahriar Siddique told reporters, “In the first 19 days of March 2024, remittances stood at $1.27 billion.

“This year, the amount has reached $2.25 billion, reflecting a 78.4 percent growth,” he said.

According to central bank data, remittances totalled $1.66 billion in the first 15 days of March, meaning an additional $590 million arrived in the last four days.

Providing a broader perspective, Shahriar said remittances for the current fiscal year up to Mar 19 stood at $20.74 billion.

During the same period fiscal year 2023-24, the figure was $16.34 billion, marking a 26.9 percent growth.

Bangladesh Bank data shows that the highest remittance inflow in the country’s history was recorded in December 2024 at $2.64 billion.

The second-highest amount was received in February 2024, totalling $2.53 billion.

A treasury head at a private bank attributed the recent rise in remittances to greater market stability, telling bdnews24.com: “The volatility in the dollar market has eased, and exchange rates are now more stable.

“The influence of hundi operators has declined, and expatriates usually send more money before Eid. These factors have contributed to higher remittance inflows through banking channels.”

In late January, the dollar rate surged to Tk 128, with banks reportedly purchasing remittances at Tk 126 due to increased demand.

In response, Bangladesh Bank capped the remittance rate at Tk 122 per dollar at the end of January, allowing banks to pay up to Tk 1 more.

At that time, Governor Ahsan H Mansur issued verbal instructions for uniform exchange rates on remittances and exports across all banks.

He also mandated a maximum Tk 1 spread on dollar transactions, warning of penalties for non-compliance.