Remittances top $2 billion in May’s first 29 days1 min read

Inward remittances to Bangladesh have surpassed $2 billion in the first 29 days of May, marking a significant 38% increase compared to the same period last year. This marks the second consecutive month that remittances have exceeded the $2 billion threshold. In April, the country saw remittances amounting to $2.04 billion through banking channels.

According to the latest data from the Bangladesh Bank, remittances from May 1 to May 29 totaled $2.14 billion, up from $1.55 billion during the same period in 2023. For the current fiscal year, spanning from July to May 29, the total remittance inflow has reached $21.26 billion, reflecting a 10.3% growth compared to $19.27 billion in the corresponding period last year. Senior officials from various private banks have attributed this upward trend to the central bank’s recent adjustment of the official dollar rate. The Bangladesh Bank raised the rate by Tk7 to Tk117 in a single day, leading banks to purchase remittance dollars at rates of up to Tk118-119.

Additionally, remitters are now receiving at least Tk121 per dollar, thanks to a 2.5% government incentive, further boosting the overall inflow of remittances. This increase in remittances is a positive indicator for the country’s economy, providing essential foreign exchange reserves and supporting numerous households across Bangladesh. The continued growth in remittance inflows is expected to contribute significantly to the country’s economic stability and development in the coming months.

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