As the holy month of Ramadan progresses and Eid-ul-Fitr approaches, expatriate Bangladeshis are once again stepping up to support their homeland with significant financial contributions. Early data indicates a remarkable surge in remittances, with expatriates sending an impressive total of $1.656 billion in the first 15 days of this month alone, according to the Central Bank.
At the current exchange rate, this is equivalent to over 20 thousand crore taka, and if this trend continues, officials anticipate a record influx of expatriate income by the end of the month.
In comparison to previous months, February saw remittances soar to $2.528 billion, a notable 17% increase from the same period last year, and much needed during this time of dollar scarcity in the domestic market. Over the past seven months, remittances have consistently exceeded $2 billion each month, highlighting the vital role that expatriates play in the Bangladeshi economy.
The robust inflow of funds from expatriates is expected to not only help bridge the foreign exchange gap but also support the local economy during the festive season. As more Bangladeshis abroad send money home for Eid celebrations, their contributions will undoubtedly have a profound impact on families and businesses alike.
As the holy month of Ramadan progresses and Eid-ul-Fitr approaches, expatriate Bangladeshis are sending remittances in higher volumes, marking a significant increase in foreign exchange inflows. In the first 15 days of March, expatriates sent $1.656 billion, which translates to over 20,000 crore taka at the current exchange rate of 123 taka per dollar.
This surge in remittances is in line with the usual trend observed before Eid, with Bangladesh Bank officials expecting a record-breaking total by the end of the month. Compared to February, when remittances amounted to $2.528 billion, this month’s early performance suggests that expatriate income will exceed expectations.
For the 2024-25 fiscal year, remittances have consistently topped $2 billion each month, with a significant increase of 17% in February compared to the same period last year. This steady rise in expatriate income is seen as a vital factor in addressing the ongoing shortage of foreign exchange in Bangladesh’s domestic market. With remittances continuing to play a key role in the country’s foreign exchange reserves, experts anticipate that this influx of funds will help ease the dollar supply crisis in the coming months.
