Bangladesh's remittance inflow continued its upward trend in August, rising more than 22% year on year to $2.97 billion, according to Bangladesh Bank data.
The inflow was $545 million higher than the $2.42 billion received in the same month a year earlier.
The latest monthly figure was also 3.77% higher than the $2.86 billion recorded in July, the central bank data showed.
Among banks, Islami Bank Bangladesh received the highest remittance inflow in August at $550.89 million, followed by Bangladesh Krishi Bank with $291.91 million, Brac Bank with $252.81 million, Trust Bank with $211.49 million, and Agrani Bank with $162.08 million.
Despite the strong growth, monthly remittance inflows have remained below $3.0 billion for three consecutive months since May.
Bangladesh Bank officials attributed the rise to stricter crackdowns on informal hundi channels, improved exchange-rate policies and growing confidence among non-resident Bangladeshis in using formal banking channels.
Higher remittance inflows have helped ease pressure on the balance of payments and support the country's foreign exchange reserves.
According to Bangladesh Bank, gross foreign exchange reserves stood at $37.41 billion under its own calculation and $32.50 billion under the IMF's BPM6 methodology as of September 1.
At the end of July, the reserves stood at $36.42 billion under Bangladesh Bank's calculation and $31.60 billion under the IMF methodology.
