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Dhaka Tribune

Banks witness robust remittance inflow, surpassing $1.76B in January

Private commercial banks led in remittance receipts, reaching a high of $1.57 billion

Update : 30 Jan 2024, 12:25 AM

As of January 26, Bangladesh has garnered $1.76 billion in remittances through the banking channel. The latest report from Bangladesh Bank, released on January 28, indicates an average daily remittance intake of $6.79 crore during this period.

State-owned banks saw a total of $133.72 million, with an additional $48.95 million routed through specialized banks. Private commercial banks led in remittance receipts, reaching a high of $1.57 billion, while foreign sector banks registered the lowest at $5.26 million.

A closer look at the data for the week ending on January 26 shows that the country received $403.2 million. The previous week (January 13-19) saw an influx of $448.2 million, and from January 6-12, remittances amounted to $545 million. 

In the first five days, Bangladesh received $370.8 million in remittances.

Bangladesh has experienced $21.92 billion in FY23, which is $630.35 more than in FY22.

Data shows in the first 26 days of January the highest remittance-receiver was Islami Bank Bangladesh PLC with $629.78 million.

During January 1-26, Social Islami Bank witnessed a remittance inflow of $108.76 million, while Al-Arafah Islami Bank Ltd received $85.89 million, and Agrani Bank recorded $57.56 million.

Economists and banking experts posit that the robust exchange rate of the dollar, coupled with the recently implemented incentives has motivated expatriates to opt for legitimate remittance channels, steering clear of illegal avenues. 

An anonymous central bank official, speaking to Dhaka Tribune earlier, disclosed that the surge in remittance through banking channels began following the government's decision to enhance incentives from 2.5% (government incentive) to an additional maximum of 2.5% offered by banks.

The data further reveals that in December, expatriates sent a total of $1.98 billion, underscoring a significant contribution to the overall remittance influx.

In November it was $1.93 billion, in October $1.97 billion, in September $1.33 billion and in July 1.97 billion remittance came through the banking channel.

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