Bangladesh sees record inflow of remittances in 26 days of March

Bangladesh has witnessed a surge in remittances, with $2.94 billion flowing into the country in the first 26 days of March, the highest amount recorded in its history.

Arief Hossain Khan, executive director and spokesperson for the central bank, confirmed the figures on Thursday.

The amount received in the first 26 days of the month was 82 percent higher than the $1.61 billion recorded in the same period last year, said Arief.

The latest data from Bangladesh Bank underscores a 28 percent growth in remittances over the past nine months.

Between Jul 1 and Mar 26 of the 2024-25 fiscal year, the country received $21.43 billion, a significant increase from the $16.7 billion recorded during the same period in the 2023-24 fiscal year.

According to central bank officials, March 2025 has now surpassed all previous records for remittance inflows.

The previous highest remittance amount was $2.64 billion in December 2024, followed by $2.53 billion in February this year.

Shaheen Iqbal, head of treasury at BRAC Bank, attributed the surge to multiple factors, including competitive exchange rates and government incentives aimed at boosting remittances through official banking channels.

He also noted that banks have introduced more efficient remittance services while informal money transfer networks, known as Hundi, have faced heightened restrictions in recent months.

“In addition, people have sent remittances through banking channels due to increased patriotism. I think this is also a big reason. Eid is ahead, so more people are sending remittances through banking channels,” said Shaheen.

In late January, the dollar rate surged to Tk 128 amid rising demand, leading banks to purchase remittances at Tk 126.

In response, Bangladesh Bank intervened, setting a maximum remittance rate of Tk 122 per dollar while allowing banks a margin of Tk 1 for buying and selling.

At the same time, Governor Ahsan H Mansur issued a directive requiring banks to maintain uniform exchange rates for remittances and exports.

He also mandated a maximum Tk 1 spread on dollar transactions, warning of penalties for non-compliance.