Bangladesh received $2.40 billion remittance in September, recording a massive 80.2 per cent year-on-year growth following a deadly regime change. The central bank released this data on Tuesday, adding that the remittance inflow stood at $1.33 billion in September last year.
Bangladesh had seen the highest remittance inflow of $2.53 billion in recent years back in June. However, after the quota reform movement began in July, a remittance shutdown programme spread through the social media to create pressure on the Hasina government.
After the interim government led by Dr Muhammad Yunus assumed power following Hasina’s resignation and escape to India, the expatriates reacted positively and began sending more remittance through legal channels.
Bangladesh had recorded more than $2 billion in remittance in August this year as well.
Data from the first three months of FY25 show that remittance inflow stood at $6.54 billion during the July-September period, an increase by 33.3 per cent from $4.90 billion recorded in the same timeframe of FY24.
Experts believe that as the country is witnessing a new political environment, remittance income in Bangladesh is expected to increase further in the coming days.
Speaking to The Business Post earlier last month, Bangladesh Institute of International and Strategic Studies (BIISS) Research Director Dr Mahfuz Kabir said, “The Bangladesh Bank needs to take the initiative to boost the remittance inflow even further.
“In this context, I think the remittance rate should be a bit flexible, rather than fixed.”
The incumbent government has also sought more remittance from the expatriates. On August 25, Chief Advisor Muhammad Yunus raised this point in his speech to the nation.
He had said, “My appeal to all those who are abroad, please remit your earned money through official channels to the country. This money is especially needed to overcome the country's economic crisis.
“We will discuss with expatriates how to more easily and smoothly send remittance through the official channel.”
Bangladesh received the highest remittance inflow in 2021, with the figure hitting $22.07 billion. Due to the Covid-19 pandemic restrictions, hundi – an illegal cross-border transaction system – was unavailable. This is why the country saw a boom in 2021.
The remittance inflow did not decrease much in the next two years. In 2022, the amount stood at $21.28 billion, and this figure was $21.92 billion in 2023.
