Bangladeshi expatriates send $427 million in early July, setting the pace for a record-breaking fiscal year in remittance earnings

In a promising start to the new fiscal year, Bangladesh has witnessed a significant rise in remittance inflows, with $427 million received in just the first six days of July. This marks a 15.34 percent increase compared to the same period last year, when remittance inflows stood at $371 million.

According to the latest data released by the Bangladesh Bank on Monday, the upward trend in remittance is a continuation of strong performance observed in the 2024–25 fiscal year. Expatriate Bangladeshis sent a record $30.33 billion in remittances during the last fiscal year, the highest amount ever received in a single fiscal period in the country's history.

This record figure represents a 26.80 percent rise from the $23.91 billion received in the 2023–24 fiscal year. Economists and financial analysts attribute this significant growth to a combination of factors, including strengthened financial channels, incentives offered by the government to encourage remittance through legal routes, and increased migration of skilled and semi-skilled workers to countries in the Middle East, Europe, and Southeast Asia.

The recent jump in remittance earnings is likely to have a positive impact on Bangladesh's foreign exchange reserves and balance of payments. It is also expected to ease some pressure on the local currency and support broader macroeconomic stability amid global economic uncertainties.

Bangladesh Bank officials expressed optimism that the trend would continue in the coming months, given the current economic indicators and the government’s ongoing efforts to streamline the remittance process. These include digital transfer systems, enhanced customer service at banks, and collaborations with mobile financial service providers to ensure smoother and quicker transactions.

With remittances playing a vital role in supporting millions of households across Bangladesh and contributing significantly to the national economy, the current trajectory offers a strong foundation for economic resilience and sustained growth.