Nearly $800 Million in Remittances Enter Bangladesh in the First Week of February

Staff Report | PNN

In the first seven days of February alone, expatriate Bangladeshis sent approximately USD 793 million in remittances. According to updated data from Bangladesh Bank, remittance inflows have remained upward since the beginning of the month, averaging over USD 110 million per day.

Bangladesh Bank spokesperson Arif Hossain Khan confirmed on Sunday that remittances during the same period last year stood at USD 655 million. Compared to that, remittance inflows have increased significantly this February. He added that if the current trend continues, remittance earnings may reach a new high by the end of the month.

Statistics show that from July of the 2024–25 fiscal year to February 7, total remittances amounted to USD 22.26 billion, representing an increase of approximately 21.70 percent compared to the same period of the previous fiscal year.

Total remittances for the current fiscal year have so far reached USD 30.32 billion, which is being considered the highest remittance inflow recorded up to this point in any fiscal year in Bangladesh’s history. This growth has played a crucial role in strengthening the country’s foreign currency reserves.

Recent monthly figures also remain positive. In December, expatriates sent USD 3.2267 billion—the second-highest monthly remittance on record. January followed closely with more than USD 3.1709 billion, ranking as the third-highest monthly remittance and the second-highest for the current fiscal year.

Analysts attribute the steady rise in remittances to government incentives for legal channels, market-based exchange rates, stricter measures against hundi operations, and the ease of digital and mobile remittance services.

Economists believe that sustained growth in remittance inflows will provide major relief in managing import payments, addressing dollar shortages, and maintaining overall economic stability. Bangladesh Bank also expects remittance earnings to exceed the targeted goal by the end of the fiscal year if the current trend continues.