As March unfolds, a remarkable milestone has been achieved in Bangladesh’s economy. Remittances sent by expatriate Bangladeshis have soared to $2.75 billion this month, marking the highest inflow recorded in a single month.
Previously, the record was set in December 2024, when remittances reached $2.64 billion. Notably, in July 2020, remittances of $2.6 billion were significant, but this latest figure has surpassed that benchmark.
According to Bangladesh Bank data, as of March 24, an average of $114.5 million has been remitted daily. If this trend continues, the total remittances for the month could exceed $3 billion. Central bank officials attribute this surge to a decrease in the use of illegal channels for money transfers, leading to an increase in legal remittance flows.
Additionally, with the holy month of Ramadan and the upcoming Eid celebrations, expatriate Bangladeshis are sending more money in anticipation of increased expenses. This has resulted in record remittance inflows, bolstering the country’s foreign currency reserves, which have surpassed $20 billion. The value of the dollar remains stable at around 122 taka.
From July 2024 to March 24 of the current fiscal year, expatriates have sent a total of $21.24 billion back home, reflecting a 27.7% increase compared to the previous fiscal year.
This surge in remittances signifies the dawn of a new era for Bangladesh’s economy.
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