Bangladeshi expats send over $2 billion remittance in three weeks of December

It marks five consecutive months with over $2 billion in remittances

In the first 21 days of December 2024, expatriates have sent nearly $2.07 billion in remittances to their families and beneficiaries.

In contrast, $1.72 billion was received in the first 23 days of November.

Throughout the entire month of November, $2.19 billion in remittances came through banking channels.

On Sunday, Bangladesh Bank released an updated report revealing that remittances exceeded $2 billion in three weeks, marking five consecutive months with over $2 billion in remittances.

Since April this year, expatriates have been sending more than $2 billion each month, with the exception of July when the figure dipped below this threshold.

Commenting on the upward trend, Syed Mahbubur Rahman, managing director of Mutual Trust Bank, told bdnews24.com: "The remittance rate through banking channels has increased from before, which is why more remittances are coming."

In addition to a 2.5 percent incentive, expatriates are receiving over Tk120 per dollar when sending money through banks. Bankers believe this has significantly boosted remittances through banking channels.

In May of this year, the central bank introduced the "crawling peg" system to determine the dollar exchange rate, causing the dollar rate to jump from Tk 110 to 117. Later, the remittance rate through banking channels was set at Tk 120 per dollar.

Thanks to the positive trend in remittances, $11.11 billion was received during the five months from July to November of the current 2024–25 fiscal year.

This marks a 26.40 percent increase compared with $8.79 billion during the same period in the previous fiscal year.