In the recently concluded October, expatriate Bangladeshis sent home remittances amounting to USD 287.40 million. In Bangladeshi currency, at an exchange rate of BDT 124.11 per dollar, this amount stands at approximately BDT 35,669 crore. Compared to the same month last year, expatriate earnings in October this year increased by 12.1 percent.
Bangladesh Sangbad Sangstha (BSS) reported this information on Sunday (November 1), citing updated data from the Bangladesh Bank.
According to Bangladesh Bank data, remittances to the country in October of the previous year (October 2022) were USD 256.40 million. This October (October 2023), it increased to USD 287.40 million. This means expatriate earnings in a single month increased by approximately USD 31 million year-on-year.
A positive trend in remittance flow has also been observed in the first four months of the current fiscal year (July-October 2023-24). From July to October, the country received a total of over USD 1,146.50 million in expatriate income. During the same period of the previous fiscal year, it was USD 1,014.90 million. Accordingly, remittances increased by approximately 13 percent in these four months.
According to Bangladesh Bank’s month-wise figures, remittances in July of the current fiscal year amounted to USD 285.87 million, in August USD 296.75 million, and in September USD 276.62 million. In October, it reached USD 287.40 million.
The BSS report stated that USD 21.80 million in remittances arrived in the country during the last three days of October.
Previously, a record amount of remittances came into the country in the recently concluded fiscal year (2022-23). Expatriates sent a total of approximately USD 3,559 million during that fiscal year. In the previous fiscal year (2021-22), the amount was approximately USD 3,033 million. This means expatriate income increased by approximately USD 526 million or 17.3 percent year-on-year.
Remittance is one of Bangladesh’s primary sources of foreign currency earnings. The money sent by expatriates plays a crucial role in increasing the country’s foreign exchange supply, covering import expenses, and maintaining the balance of foreign transactions. The consistent growth in remittance flow is considered a positive signal for the country’s economy.