Bangladesh has received US$ 23.915 billion in remittances for the fiscal year 2023-24, ending on June 30, marking the second highest remittance inflow in a fiscal year to date.
Md Mezbaul Haque, Executive Director and Spokesperson of Bangladesh Bank, told UNB that expatriate Bangladeshis sent $2.542 billion in remittances in June 2024. This brought the total remittance amount from July 1 to June 30 of FY 2023-24 to $23.915 billion, compared to $21.610 billion in the previous fiscal year.
Remittance inflow to Bangladesh rose 15.59 percent year-on-year to $2.542 billion in June, as migrant workers sent more money home for Eid-ul-Azha. In May 2024, expatriate workers sent $2.253 billion in remittances. Sector insiders attribute this growth to the higher exchange rate of the dollar and the festive occasion of Eid-ul-Azha, which prompted expatriates to send additional remittances to their families.
Economist Dr. Ahsan H. Mansur commented that Bangladesh can increase remittances through legal channels by enhancing financial and non-financial benefits for the remitters. He noted that many remitters prefer the illegal Hundi system due to its higher exchange rate, diverting legal remittances to illegal channels.
Remittance jumps 15.59% in June
Remittance inflow to Bangladesh rose 15.59 percent year-on-year to $2.54 billion in June, the last month of the just concluded 2023-24 fiscal year, as the migrant workers sent more money home on the occasion of the Eid-ul-Azha.
The remittance receipts were $2.19 billion in the same period of last year, according to Bangladesh Bank data.
In 2023-24 fiscal year, Bangladesh received $23.91 billion as remittance, up by 10.66 percent year-on-year, BB data showed.
