Expatriates send Tk 18,400cr in 19 days

Remittances, or expatriate income, have remained strong in October, continuing the trend seen in September. In the first 19 days of this month, Bangladeshi expatriates sent $1.53 billion (Tk 18,400 crore at Tk 120 per dollar) back home, according to the latest data from the central bank.

On average, over $85 million or Tk 968 crore is being sent daily. If this pace continues, the total remittance inflow could exceed $2.5 billion by the end of the month.

Breaking down the remittance sources, state-owned banks received $400.82 million, while Bangladesh Krishi Bank, one of two specialised banks, received $7.82 million. Private banks brought in $1.05 billion, and foreign banks accounted for $4.1 million during this period.

However, 11 banks, including state-owned Bangladesh Development Bank (BDBL) and Rajshahi Krishi Unnayan Bank (RAKUB), did not record any remittance inflows. Private banks such as Community Bank, Citizens Bank, ICB Islamic Bank, Padma Bank, and Union Bank, along with foreign banks like Habib Bank, National Bank of Pakistan, State Bank of India, and Uri Bank, also saw no remittance activity.

In comparison, remittances in September totalled $2.4 billion (Tk 28,856 crore). July, the first month of the 2024-25 fiscal year, saw an inflow of $1.9 billion, while June recorded $2.54 billion. May saw $2.25 billion, and the preceding months witnessed figures such as $2.04 billion in April, $1.99 billion in March, $2.16 billion in February, and $2.11 billion in January.

The highest monthly remittance in the country’s history was $2.6 billion in July 2020. The fiscal year 2020-2021 marked the highest annual remittance, with a total of $24.78 billion. In June 2023, $2.54 billion was sent through banking channels.