Bangladesh received $2.19 billion in remittances in January 2024, marking the sixth consecutive month of inflows exceeding $2 billion. According to the latest report from Bangladesh Bank, this amount, based on an exchange rate of 122 BDT per USD, translates to approximately 26,718 crore BDT.

The central bank's data indicates that remittances in January increased by 3.40% compared to the same period last year, when the country received $2.11 billion. The strong inflow continued throughout the month, ensuring that January also surpassed the $2 billion threshold. On average, the daily remittance inflow amounted to approximately 861.87 crore BDT.

Experts suggest that the declining demand for hundi, an informal money transfer system, has contributed to the rise in remittances through official banking channels. Reduced money laundering and a narrower exchange rate gap between formal and informal channels—now within a one-taka difference—have encouraged more expatriates to remit funds legally.

A detailed analysis of Bangladesh Bank’s report reveals that January’s remittance inflows totaled approximately $2.19 billion. Of this amount, $511.13 million was channeled through state-owned banks, while specialized banks, particularly the Bangladesh Krishi Bank, processed $116.04 million. Private banks handled the majority of remittances, totaling $1.55 billion, while foreign banks accounted for approximately $6.5 million.

However, eight banks did not record any remittance inflows during the period. These include state-owned Bangladesh Development Bank (BDBL) and Rajshahi Krishi Unnayan Bank, as well as private banks such as Community Bank, ICB Islamic Bank, and Padma Bank. Among foreign banks, Habib Bank, National Bank of Pakistan, and the State Bank of India also reported no remittance transactions.

In December 2023, Bangladesh recorded its highest-ever monthly remittance inflow, receiving $2.64 billion (equivalent to 31,668 crore BDT). This surpassed the previous record of $2.59 billion, set in July 2020 during the COVID-19 pandemic.

Bangladesh Bank’s report also shows that December 2023’s total remittance inflows stood at $2.64 billion, which was $648 million higher than the $1.99 billion received in December 2022.

Throughout 2024, every month except July has seen remittance inflows surpassing the $2 billion mark. In July, remittance inflows dipped as some expatriates reduced their transactions in solidarity with the country’s anti-discrimination student movement. Had remittances remained consistent that month, 2024 would have seen $2 billion inflows in every single month—an achievement that was limited to only two months in 2023.

During the first half of the 2024-25 fiscal year (July-December), expatriates remitted a total of $13.77 billion, which is $2.97 billion higher than the $10.80 billion recorded during the same period of the previous fiscal year.

In the 2023-24 fiscal year, Bangladesh received a total of $23.92 billion in remittances—the second-highest amount in history. The record for the highest-ever remittance inflow in a single fiscal year remains $24.77 billion, recorded in 2020-21.

In the first seven months of the 2024-25 fiscal year (July-January), remittances have already reached nearly $16 billion. If an additional $9 billion is received over the next five months, Bangladesh could surpass its previous records and set a new all-time high for annual remittance inflows.