Dhaka Remittance Inflow Drops 13.14%

The United States, the United Kingdom, and Saudi Arabia were the top remittance sources for Bangladesh in the first seven months of FY2024-25, with total inflows reaching $15.96 billion from the top 30 countries. The US led with $2.9 billion, followed by Saudi Arabia ($1.99 billion) and the UK ($1.47 billion). The UAE contributed $2.27 billion, while Malaysia and Kuwait sent $876.14 million and $867.14 million, respectively.

Bangladesh’s remittance inflows surged 25% year-on-year to $2.52 billion in February, the highest ever for the month, as migrant workers sent increased funds for Ramadan and Eid shopping. In the first eight months of FY25, total remittances reached $18.49 billion, marking a 23.8% growth from $14.93 billion in the same period last year, per Bangladesh Bank (BB) data.

State-owned banks led remittance inflows by offering better rates for LC settlements amid a dollar shortage. They received $687 million in the first 22 days of February, surpassing their total of $659 million from January to March.

Bangladesh received $1.93 billion in remittances in the first 22 days of February FY25. State-owned banks handled $831.36 million, while 43 private banks channeled $1,094.29 million. Agrani Bank PLC received the highest remittances at $274.81 million, followed by Islami Bank Bangladesh PLC at $269.21 million and Janata Bank PLC at $186.97 million.

Bangladeshi expatriates sent $1.93 billion in remittances during the first 22 days of February, with inflows surpassing $2 billion per month for six consecutive months since July. In January, $2.19 billion was sent. Of the $1.93 billion received in February, $686.98 million came via state-owned banks, $144.38 million through Krishi Bank, $1.09 billion through private banks, and $4.29 million through foreign banks.

Despite Bangladesh sending a record 5.26 lakh workers to Saudi Arabia in FY24, remittances from the Gulf nation have dropped to $2.74 billion, down from $5.72 billion in FY21. In contrast, the UAE, which hired fewer Bangladeshi workers, sent $4.64 billion in remittances in FY24.