Remittance inflow to Bangladesh surged by 12% year-on-year to $2.68 billion in September, driven by a narrowing gap between official and informal exchange rates and the government’s ongoing crackdown on hundi and money laundering, according to industry insiders.
The inflow in September, the third month of the current fiscal year, was also 11% higher than August’s $2.42 billion, Bangladesh Bank data shows.
Among banks, private commercial banks received the highest share, channeling $1.95 billion, followed by state-owned banks with $466.81 million and a specialised bank (Bangladesh Krishi Bank) with $258.21 million. Foreign banks handled $6.24 million in remittances.
Within individual institutions, Islami Bank Bangladesh topped the list, receiving $699 million, followed by Bangladesh Krishi Bank with $258 million, Janata Bank with $170 million, and BRAC Bank with $160 million.
During the July–September quarter, remittance earnings totaled $7.58 billion, up from $7.02 billion in the same period last fiscal year.
A central bank official noted that more Bangladeshi expatriates are sending money through formal channels, encouraged by tighter monitoring and incentives offered by banks.
Earlier in the 2024–25 fiscal year, Bangladesh’s annual remittance flow crossed $30 billion for the first time, marking a record $6.4 billion increase from the previous year — a significant boost for the country’s foreign exchange reserves amid ongoing economic reforms.
LND/SAE
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