BN Report
Inward remittances to Bangladesh surpassed $2 billion in the first 29 days of May, marking a 38% increase compared to the same period last year.
This milestone means the country’s remittances have exceeded the $2 billion mark for two consecutive months. In April, remittances through the country’s banking channels reached $2.04 billion.
According to data from the Bangladesh Bank, remittances totaled $2.14 billion from May 1 to 29, compared to $1.55 billion during the same period in 2023. For the current fiscal year from July to May 29, remittance inflows amounted to $21.26 billion, compared to $19.27 billion during the corresponding period last year, representing a growth of 10.3%.
Senior officials at several private banks noted that remittances have started to increase since the central bank raised the official price of the dollar by Tk7 to Tk117 in one day. Currently, banks are purchasing remittance dollars at a maximum rate of Tk118-119. Remitters are receiving at least Tk121 per dollar, with an additional 2.5% government incentive, they added.
