November Remittances Reach Record Levels
Recently, expatriate Bangladeshis sent approximately 2.20 billion US dollars (or 220 crore Taka) through legitimate banking channels in November. This translates to 263.94 billion Taka (based on an exchange rate of 120 Taka per dollar). Consequently, an average of 73.32 million US dollars of remittances arrived in the country daily.
The information was released on Sunday (December 1st) by the Central Bank’s latest report. In terms of monthly comparisons, remittances increased by 12.25% compared to the same period last year.
In November of last year, remittances totaled 193 crore dollars. The previous year, in November 2022, remittances reached 160 crore dollars. According to Central Bank data, 82.42 crore dollars arrived through state-owned banks, 14.58 crore dollars through specialized banks, 122.31 crore dollars through private banks, and 63 lakh dollars through foreign banks.
During the first five months of the 2024-25 fiscal year (July-November), 113.73 crore dollars in remittances were received. Notably, nine banks – Bangladesh Development Bank (BDBL) and Rajshahi Agricultural Development Bank (RABAK) – did not receive any remittances during this period. The private sector banks involved were Community Bank, Cityzens Bank, ICB Islamic Bank, and Padma Bank. The foreign sector involved Habib Bank, National Bank of Pakistan, and State Bank of India.
In the first month of the 2024-25 fiscal year (July), 191 crore 37 lakh 70 thousand dollars arrived. In August, 222 crore 41 lakh 50 thousand dollars were received. In September, 240 crore 47 lakh 90 thousand dollars arrived, and in October, 240 crore dollars of remittances were recorded. This means that for four consecutive months of the fiscal year, expatriates have sent over two billion dollars.
The 2023-24 fiscal year saw 2392 crore dollars in remittances. This amounts to 282 billion Taka. This figure represents the second-highest inflow of remittances in the country’s history. The highest recorded remittance figure was achieved during the 2020-21 fiscal year, reaching 2477 crore dollars.
Source: Bartabazar/SH
