Bangladesh received $240 million in remittances in September
October 1, 20241 Min Read

Jumbangla Desk: In September, the collection of remittances in Bangladesh has increased significantly. Expatriates remitted $2.40 billion through formal banking channels in one month. As a result, remittance collection increased by 1.07 billion dollars in one month.

According to the latest updated data of Bangladesh Bank, the amount of remittance collection has increased by 80.2 percent compared to the same period last year.

The significant increase is the highest recorded in one month. The amount of remittances in the same month of the previous financial year was 133 crore dollars. Besides, the remittance flow in September of the current financial year (FY2024-25) has increased by $180 million compared to July of the previous month.

Bangladesh remittances during July-September of 2024-25 financial year reached 6.54 billion dollars, which was 4.90 billion dollars during the same period of 2023-24 financial year. This reflects a year-on-year growth of 33.3 percent.

This surge in remittances has provided a much-needed boost to Bangladesh's foreign exchange reserves. which had been declining in recent months. This increase has stabilized IMF BPM-6 compliant reserves at over $20 billion. Total reserves now stand at around $24.5 billion.

In the last financial year (FY2023-24), expatriates sent a total of US$ 23.92 billion in remittances, which is the second highest remittance collection in the country's history. And the recorded remittance was $2,477 million in the financial year 2020-21.