TBT DESK: Bangladeshi expatriates sent US $814.29 million in remittances in the first eight days of March, according to the latest update from Bangladesh Bank.
Of this amount, $231.35 million came through government banks, $68.45 million through the specialised Krishi Bank, $512.94 million through private banks, and approximately $1.54 million through foreign banks.
However, nine banks did not receive any remittances during this period.
These include the state-owned Bangladesh Development Bank (BDBL) and the specialised Rajshahi Krishi Unnayan Bank. Among private banks, Community Bank, ICB Islami Bank, and Padma Bank recorded no remittance inflow. Foreign banks that did not receive remittances include Habib Bank, National Bank of Pakistan, Woori Bank, and State Bank of India.
Despite concerns over the country's dwindling foreign exchange reserves, the remittance inflow has shown a positive trend.
From July to February of the current fiscal year (FY) 2024-25, Bangladesh received a total of $18.49 billion in remittances, marking a 23.8 % increase compared to $14.93 billion in the same period of FY 2023-24.
According to Bangladesh Bank data, remittance inflows over the last eight months were as follows: July: $1.91 billion, August: $2.22 billion, September: $2.4 billion, October: $2.39 billion, November: $2.2 billion, December: $2.64 billion, January: $2.19 billion, February: $2.53 billion.
According to analysts, the steady growth in remittance inflows is crucial for Bangladesh's economy, especially as the country grapples with a foreign exchange reserve crisis.
They suggest that the increase in remittance could provide much-needed support to the economy by stabilising reserves and maintaining liquidity in the banking sector.