$781.23m in remittances received in first 13 days of October

Bangladesh Bank’s latest data shows, $781.23 in remittance have been received thus far in the first 13 days of October, which was $740 million in the first 15 days of September.

However, the country needs more to achieve Bangladesh Bank’s monthly goal of $2 billion dollars in remittances.

The final figure for September was recorded at $1.34 billion in inward remittances, marking a 41-month low.

The lowest remittance inflow was last recorded back in April 2020 at $1.09 billion.

Earlier in August, $1.59 billion remittance came through the banking channel.

It was $1.97 billion in July, the first month of FY24.

Bangladesh Bank latest data published on Sunday (October 15) shows that expatriates sent $76.03 million in remittances through state-owned commercial banks and $27.32 million via a specialized bank.

In the first 13 days of October the main flow of remittance $674.79 million came through private banks and $3.09 million via foreign banks.

The highest remittance-receiver was Islami Bank Bangladesh PLC with $125.33 million.

Then, $52.65 million came through Pubali Bank Ltd., $49.84 million in Social Islami Bank Ltd, and $49.43 million through Trust Bank Ltd in October 1-13.

Remittance inflow declined despite some 1.074 million workers going abroad for employment in FY23, up by 15.59% from the previous fiscal year.