Bangladesh received over 2.68 billion US dollars in remittances during September, marking a significant increase of more than 160 million dollars compared to the previous month, according to data from Bangladesh Bank.
The central bank reported that during the first 21 days of September alone, expatriates sent over 2 billion dollars, amounting to 2.03 billion dollars in total. During the same period last year, remittances stood at 1.63 billion dollars.
In comparison, remittance inflow was 2.42 billion dollars in August this year and 2.40 billion dollars in September last year, showing a steady upward trend.
Banking officials explained that since the fall of the Awami League government in August last year, remittance inflows through formal banking channels have increased. Additionally, the higher exchange rate of the US dollar has encouraged expatriates to use legal channels instead of informal ones. As a result, remittance inflows have remained strong for several consecutive months, including September.
The remittance flow has maintained a positive trend for over a year. In March, Bangladesh recorded its highest-ever monthly remittance inflow, reaching 3.29 billion dollars — the largest amount ever sent in a single month. Although monthly inflows have not crossed the 3 billion mark since then, the current figures indicate consistent improvement.
Analysts attribute the rise in remittance inflows to reduced money laundering and a decline in illegal hundi operations. The stability of the dollar exchange rate in official banking channels has also made formal remittance transfers more attractive to expatriates.
