Remittance hits $2.23 billion in August, boosting forex reserves

Expatriate Bangladeshis sent $2.23 billion in remittances during the first 30 days of August, according to the latest data from Bangladesh Bank. In local currency, the amount stands at approximately Tk 27,200 crore, based on an exchange rate of Tk 122 per US dollar.

The central bank report, released Sunday, shows that the remittance inflow through formal banking channels continues to rise, offering some relief to the country’s strained foreign exchange reserves.

Bank officials said that the increase is the result of multiple factors, including government efforts to curb illegal money transfers (hundi), improved banking services, and ongoing incentives for remittance senders.

In comparison, $2.48 billion in remittances were recorded in July, equivalent to around Tk 30,230 crore, indicating sustained high inflows over consecutive months.

The recently concluded 2024–25 fiscal year saw a record-breaking $30.33 billion in total remittance inflow — the highest ever in Bangladesh’s history. This marks a 27% increase from the $23.74 billion recorded in the 2023–24 fiscal year.

Central bank officials stated that the consistent growth in remittance has helped stabilize the country's macroeconomic outlook, particularly in managing the supply of US dollars and supporting the balance of payments.