New Milestone in Remittances in December, Second-Highest in History

Staff Report: PNN

In the past December, expatriates sent home the second-highest remittances in history. According to an updated report from Bangladesh Bank, a total of $2.2267 billion USD was received in December, providing comfort to the country’s foreign currency reserves.

According to the central bank, the highest remittance again came from Saudi Arabia, totaling $491.4 million USD. The UAE was second with $476.06 million USD. The top ten sources of remittance included notable contributions from Europe and Asia. The UK contributed $404.93 million USD, and Malaysia $322.82 million USD. The US sent $259.27 million USD, Italy $195.31 million USD, and Oman $180.4 million USD. Significant amounts also came from Kuwait, Qatar, and Singapore.

Bank-based analysis showed the highest remittances came through private banks, totaling $2.29394 billion USD. State-owned banks contributed $572.36 million USD, and specialized banks $353.52 million USD.

Bangladesh Bank believes that the steady rise in remittances is a continuation of the positive trend from last year. Earlier in the year, the highest remittance was recorded in March at $3.29563 billion USD. In November, expatriates sent $2.88952 billion USD. Analysts say government incentives, promotion of formal banking channels, and digitization have contributed to remittance growth.

In FY 2024–25, expatriates sent a total of $30.32 billion USD, setting the highest annual record in history and significantly contributing to the economy.