Bangladesh receives over Tk 1.8 trillion in remittances in early July

Expatriates have sent home a staggering USD 1.52 billion (around Tk 1.84 trillion) in remittances during the first 19 days of July, according to the latest report from Bangladesh Bank. If this pace continues, remittance inflows for the entire month could exceed USD 2.5 billion.

The report, published on Sunday (July 20), credits government efforts to curb illegal money transfers (Hundi), combined with banking sector improvements and incentives, for this steady inflow through formal banking channels. This inflow has brought much-needed relief to the country’s foreign currency reserves.

In June, remittances reached USD 2.82 billion, marking an 11 percent increase compared to the same period last year.

The fiscal year 2024-25 witnessed a record remittance inflow of USD 30.33 billion, a 27 percent rise from USD 23.74 billion in 2023-24. This historic influx has contributed significantly to economic stability and eased pressure on dollar availability.

Bangladesh’s total foreign exchange reserves stood at USD 31.68 billion at the end of the 2024-25 fiscal year, the highest level in two years. By IMF accounting standards (BPM-6), reserves were recorded at USD 26.66 billion, up from USD 21.68 billion the previous year.

Looking ahead, the Ministry of Finance projects that foreign currency reserves will increase to USD 34 billion by the end of fiscal year 2025-26. Exports are expected to grow by 10 percent, imports by 8 percent, and remittances by 8 percent, according to the Medium-Term Macroeconomic Policy Statement.