No remittance received through five banks

Bangladeshi expatriates set a new remittance record in March, sending $3.29 billion (or $329 crore), the highest-ever amount received in the country since its independence. However, during this record-breaking period, no remittance came through five private, specialized, and foreign banks, as reported by Bangladesh Bank.

The total remittance in March 2024 amounted to $3.29 billion, which translates to approximately 40,138 crore taka at an exchange rate of 1 USD = 122 BDT. On average, the country received nearly $10.61 million (1,295 crore taka) per day. Compared to March 2023, when remittance was $1.71 billion, the recent month saw an increase of $1.58 billion.

For the current 2024-25 fiscal year (July-March), remittance reached $21.78 billion, reflecting a $4.7 billion rise from the same period last year. In March, state-owned banks received $750.7 million, while Bangladesh Krishi Bank saw approximately $301.1 million. Private banks processed around $2.23 billion in remittance, and foreign banks received $594,000.

The five banks that reported no remittance inflows in March include Rajshahi Krishi Unnayan Bank (RAKUB), ICB Islamic Bank, Padma Bank, National Bank of Pakistan, and State Bank of India.