Remittance inflow crosses $2b mark in 28 days

Remittance inflow has continued its strong performance from August into September, with expatriates sending over $2.11 billion in just 28 days. 

This amounts to more than Tk 25,357 crore, based on an exchange rate of Tk 120 per dollar.

According to a report from Bangladesh Bank, expatriate Bangladeshis sent $2.11 billion (or Tk 25,357 crore) in remittances during the first 28 days of September. 

On average, remittances totaled $75.5 million (Tk 906 crore) per day, despite no remittances being recorded through seven banks during this period.

State-owned banks received $586.5 million, while specialised banks recorded $92.26 million. Private banks processed $1.43 billion, and foreign banks saw more than $5.3 million in remittances.

The seven banks that did not report any remittance inflow include state-owned Bangladesh Development Bank (BDBL), Rajshahi Agricultural Development Bank (RAKAB), and private banks like Community Bank, ICB Bank, as well as foreign entities like Habib Bank, National Bank of Pakistan, and State Bank of India.

Central bank data shows that remittance inflow for August stood at $2.22 billion, which is $62 million higher than the same period last year. 

In August 2022, Bangladesh received approximately $1.6 billion in remittances.