Hundi Depletes Significant Remittance

Bangladesh saw a 37% year-on-year surge in remittance inflows in April, with migrant workers sending $2.6 billion in the first 29 days, up from $1.9 billion during the same period last year, according to Bangladesh Bank data.

Bangladesh’s foreign exchange reserves have surpassed $22 billion for the first time in several months, driven by a notable rise in remittances and export earnings. According to IMF standards, the reserves reached $22.04 billion

From July to April 29 of FY 2024-25, Bangladesh received $24.39 billion in remittances—already surpassing the total $23.91 billion recorded in the entire FY 2023-24, reflecting a 2% year-on-year growth, according to Bangladesh Bank data.

Bangladesh received $1.7 billion in remittances in the first 15 days of March 2025, with private commercial banks handling over two-thirds of transactions. Islami Bank Bangladesh PLC led with $305.93 million, followed by BRAC Bank ($91.13 million) and Trust Bank ($89.73 million).

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.