According to the latest data of Bangladesh Bank (BB) on Sunday, the country logged a total of $2.04 billion in remittances during the same period last year.
Expatriates sent remittances of $24,537 million during the July-April (2024-25) of the current FY25, which was only $19,119 million during the same period of the previous FY24.
The surge comes after March saw a record-breaking $3.29 billion in remittance inflows, driven by increased remittances ahead of Eid-ul-Fitr.
The previous highest (now 3rd) remittance was $2.638 billion in December last year.
The fourth-highest inflow of $2.598 billion was recorded in July 2020, while the fourth-highest was $2.54 billion in June 2024.
The rise in remittance began in September, when Bangladesh received $2.404 billion, representing an 80.28% year-on-year increase.
Then, in October $2.395 billion, November $2.199 billion, December $2.638 billion, January $2.185 billion and February 2.528 remittance came through banking channels.
Experts say the rise in remittance inflows is due to Ramadan and Eid. During this time, expatriates send more money home to support their families.
Remittances usually increase during Ramadan and the two Eid festivals. Many people used to send money through hundi channels. The difference in interest rates between the open market and banking channels is now smaller.
This change encourages expatriates to send money through banks.
