Photo: Collected
Bangladesh’s expatriate remittances are surging, fuelled by a shifting political landscape and the looming Eid-ul-Fitr festivities. In just the first 15 days of March, $1.66 billion—over Tk 20,204 crore at Tk 122 per dollar—poured in, averaging $110 million daily. If this pace holds, March could hit $3 billion, smashing the country’s previous record of $2.64 billion set in December 2024.
The central bank’s latest data paints a striking picture. December already marked a historic high, with February’s $2.53 billion close behind as the second-highest monthly haul. Now, March is poised to rewrite the books.
“Since the new government took over, money laundering and hundi have dropped,” a senior central bank official explained. “Banks now match open-market dollar rates, and with Eid approaching, expatriates are flocking to legal channels.”
From March 1-15, state-owned banks netted $371 million, Krishi Bank (one of two specialised banks) pulled in $130 million, private banks raked in $1.15 billion, and foreign banks added $31 million. Seven banks—state-owned BDBL, specialised Rajshahi Krishi Unnayan Bank, private ICB Islami and Padma Banks, and foreign Habib Bank, National Bank of Pakistan, and State Bank of India—saw zero inflows.
This fiscal year (2024-25) has already delivered $18.49 billion in its first eight months, a $3.55 billion leap over last year’s $14.94 billion for the same period. The trend kicked off strong: July brought $1.91 billion, August $2.22 billion, September $2.40 billion, October $2.39 billion, November $2.20 billion, December $2.64 billion, January $2.19 billion, and February $2.53 billion. Since August, every month has topped $2 billion—a feat unseen before this year.
The prior peak came in July 2020, mid-pandemic, with $2.59 billion. December 2024’s $2.64 billion—up $648 million from December 2023’s $1.99 billion—eclipsed it. Now, March’s early surge hints at a new ceiling.
Messenger/JRTarek
