Expatriate Bangladeshis sent a record $3.29 billion in remittances in March. This is the highest amount ever received in a single month in Bangladesh's history.
Bangladesh usually gets higher remittances before Eid, this year Eid-ul-Fitr was celebrated in March.
This is a remarkable year-on-year growth of 64.7%.
Bangladesh Bank (BB) data shows the country received $1.99 billion in remittances in the same period last year.
The previous highest (now 2nd) remittance was $2.638 billion in December last year, and within just three months, it has reached over three billion.
The third-highest inflow of $2.598 billion was recorded in July 2020, while the fourth-highest was $2.54 billion in June 2024.
The country received $2.53 billion in remittances in February, making it the fourth-highest monthly inflow in its history.
The central bank has reported that the total remittance inflow during the July- March period of the current fiscal year 2025 (FY25) reached $21.779 billion.
This figure represents an increase from the $17.07 billion recorded during the same period in the previous fiscal year.
According to Bangladesh Bank, the remittance inflow was $1.913 billion in July and $2.224 billion in August.
The rise in remittance began in September, when Bangladesh received $2.404 billion, representing an 80.28% year-on-year increase.
Then, in October $2.395 billion, November $2.199 billion, December $2.638 billion, January $2.185 billion and February 2.528 remittance came through banking channels.
Experts say the rise in remittance inflows is due to Ramadan and Eid. During this time, expatriates send more money home to support their families.
Remittances usually increase during Ramadan and the two Eid festivals. Many people used to send money through hundi channels. The difference in interest rates between the open market and banking channels is now smaller.
This change encourages expatriates to send money through banks.
Forex reserves rising
Bangladesh's foreign exchange reserves are growing because more expatriates are sending money home. This increase has helped ease pressure on the country's currency market.
Banks are also showing improved stability, as seen in their net open positions. As of April 6, the total reserves have exceeded $25.625 billion.
The reserves were $20.460 billion, according to the International Monetary Fund's (IMF) accounting system BPM-6.
Economists said the sustained increase in remittances has played a crucial role in stabilising Bangladesh’s economy amid global uncertainties.
By boosting foreign exchange reserves, remittances have helped mitigate pressures on the taka and supported import payments, they also added.
