Remittances hit USD 240 crore in October

 
Since the beginning of the current (2024-25) fiscal year, the remittance inflow or earnings from expatriate Bangladeshis have been increasing continuously. Expatriate Bangladeshis sent US$ 240 crore remittance in October 2024 to Bangladesh.

According to the updated information published by Bangladesh Bank, in October, an average of Tk 927 crore arrived every day as remittances. The country received more than US$240 crore as remittances in the month.

Of the amount, state-owned banks received 72 crore 61 lakh 60 thousand USD, two specialized banks received 11 crore 99 lakh USD, private banks received 155 crore 18 lakh 50 thousand USD, and a foreign bank received 71 lakh 70 thousand USD.

Earlier in September 2024, remittances stood at $2.4 billion.

Remittances to Bangladesh are money transfers (remittances) sent by the Bangladeshi diaspora to Bangladesh. According to the World Bank, Bangladesh is the 7th highest recipient of remittances in the world with almost $22.1 billion in 2021 and was the third highest recipient of remittances in South Asia. These transfers play a significant role in the Bangladeshi economy, contributing substantially to the country's foreign exchange reserves and national income. A survey on remittance usage conducted by the Bangladesh Bureau of Statistics in 2013 showed that 32.81% and 32.82% of the remittances are used for food and non-food expenditures. 18.84% of remittances were used for durable and other expenses including 17.39% utilised for the purchase of land. In regards to investment and savings, the Bangladesh Bureau of Statistics revealed that 33.45% of remittances goes to investment and 13.74% of remittances goes to savings. Presently, the World Bank stands as the foremost external financier for Bangladesh. The determination to sustain funding is rooted in Bangladesh's remarkable accomplishments and the essential measures needed to sustain its advancement towards the objective of attaining upper-middle-income status by 2031.