Expatriates have sent home $2.68 billion in remittances in September of the current year, a significant increase that highlights the sustained flow of foreign currency into the country. This figure represents an 11.72% rise compared to the $2.40 billion received during the same month last year.
The data, released by the Bangladesh Bank on Sunday (October 5), also noted that the September inflow was higher than the $2.42 billion received in August.
Breakdown of September’s Inflow
According to the central bank’s statistics, the previous year’s September saw a total remittance of $240 crore 41 lakh 10 thousand (or $2.404 billion) dollars, while August of the current year recorded $242 crore 18 lakh 90 thousand (or $2.421 billion) dollars.
A review of the September remittance figures shows the following distribution among different banking channels: State-owned banks: $46 crore 68 lakh 10 thousand (or $466.81 million), State-owned specialized agricultural bank: $25 crore 82 lakh 10 thousand (or $258.21 million), Private banks: $195 crore 46 lakh 10 thousand (or $1.954 billion), Foreign banks: $62 lakh 40 thousand (or $6.24 million)
The strong trend in expatriate income persists, though it was noted that some banks did not receive any remittances during the month. These institutions include domestic private commercial banks Padma Bank, ICB Bank, Rajshahi Krishi Unnayan Bank, and Bangladesh Development Bank. Among foreign banks, State Bank of India, National Bank of Pakistan, and Habib Bank reported no inward remittances.
Record-Breaking Trend Continues
The latest figures reinforce the robust trend observed since the beginning of the year. Bangladesh Bank data reveals that the country received an all-time high of $3.29 billion in remittances in March of the current year, marking the highest monthly record in history. Furthermore, May recorded the second-highest inflow at $2.96 billion.
The strong momentum has continued into the current month, with $12.4 million arriving on the last day of September (September 30), and an additional $14.1 million entering the country during the first four days of October. This consistent inflow is crucial for maintaining the country’s foreign currency reserves.
Reserve Position Strengthened
As of October 5, the country’s total foreign exchange reserves stood at $31.502 billion. The Net International Reserve (NIR), calculated according to the Balance of Payments and International Investment Position Manual, 6th Edition (BPM6), was $26.623 billion, underscoring the positive impact of the sustained remittance flow.
