Remittances cross $2b mark for four consecutive months

Bangladesh has maintained a steady rise in remittance inflows, with expatriate income exceeding $2 billion for the fourth consecutive month in November 2024. 

According to Bangladesh Bank's latest data released on Sunday (December 1), remittances amounted to $2.19 billion last month, equivalent to approximately Tk 26,400 crore (at Tk 120 per dollar).

In November, Bangladeshi expatriates sent an average of $7.33 million per day, reflecting robust growth in remittance inflows.

State-owned banks received $824.2 million in November, among specialised banks, Krishi Bank accounted for $145.86 million, private banks contributed the largest share, with $1,223.1 million, and foreign banks received $6.28 million.

However, nine banks recorded no remittance inflows, including state-owned Bangladesh Development Bank (BDBL) and Rajshahi Krishi Unnayan Bank (RAKAB), private banks like Community Bank and Padma Bank, and foreign banks such as Habib Bank and State Bank of India.

In July, remittance inflow was $1.91 billion, it was $2.22 billion August, $2.40 billion in September, $2.40 billion in October and $2.19 billion in November. 

The current trend continues the momentum seen earlier in the year. In June 2024, remittances reached $2.54 billion, while May brought in $2.25 billion. The all-time monthly high was recorded in July 2020, with $2.60 billion in remittances.

For fiscal years, the highest annual remittance inflow was $24.78 billion in 2020-21, underscoring the vital role of expatriate income in supporting Bangladesh's economy.