Remittance Inflow Surges 37.5% in Early May, Boosting Forex Reserves

Bangladesh’s remittance inflow saw a strong year-on-year growth of 37.5 percent, reaching $1.74 billion ($1,743 million) in the first 13 days of May.

According to data released by the Bangladesh Bank on Thursday, this marks a significant increase from the $1.26 billion ($1,267 million) received during the same period last year, state news agency BSS reports.

Central bank officials attribute the steady rise to a growing reliance on formal banking channels by expatriate Bangladeshis, reflecting continued resilience in the country's external earnings.

The broader data also paints a positive picture for the current fiscal year. From July through May 13, expatriates sent home a total of $31.07 billion. This is a noticeable jump from the $25.80 billion recorded during the corresponding period of the previous fiscal year.

Market analysts note that this sustained upward trend in remittance earnings is crucial for the economy right now, as it will provide much-needed support to the country’s foreign exchange reserves and help stabilize the external sector.