With Eid just a few days away after the holy month of Ramadan, Bangladeshi Muslims are shopping for the festive celebrations.
To cater to the increased expenses of their families, expatriate Bangladeshis are sending more money home.
In the first 19 days of March, the country received $2.25 billion in remittances through banking channels, a 78.4% increase compared to the same period last year. At this rate, Bangladesh is poised to set a new remittance record in March.
Remittance Volume and Analysis
According to Bangladesh Bank data, expatriate Bangladeshis sent $2.252 billion in remittances in the first 19 days of March.
In local currency (at an exchange rate of 122 taka per dollar), this amounts to over 274.74 billion taka. This translates to an average daily remittance inflow of nearly $120 million or 14.64 billion taka during these 19 days.
Compared to the same period last year, remittances have increased by 78% in March. In the first 19 days of March last year, $1.26 billion in remittances were received.
From July 2024-25 to March 19th, $2.074 billion in remittances have been received, which is about 27% higher than the previous fiscal year. In the same period of the previous fiscal year, $1.634 billion in remittances were received.
Continuity of Remittance Flow
In February, $2.528 billion in remittances were received, amounting to 310.94 billion taka. The daily average remittance was $90 million or 11.1 billion taka.
In the 2024-25 fiscal year, July saw $1.91377 billion, August $2.22132 billion, September $2.4041 billion, October $2.395 billion, November $2.2 billion, December $2.64 billion, and January $2.19 billion in remittances.
Since the current interim government took office, Bangladesh has consistently received over $2 billion in remittances for seven consecutive months. The momentum of remittance inflows began to rise following the political changes in August last year.
In December 2024-25, the country received a record high of nearly $2.64 billion in remittances. The second-highest remittance amount was recorded in February, with nearly $2.53 billion. With Eid approaching, there is a strong possibility of remittances reaching $3 billion in March.
