Bangladesh sees highest remittances in three years
Bangladesh saw a significant increase in remittances in the fiscal year 2023-24, reaching nearly $24 billion, the highest in three years. This marks a substantial rise from the $21 billion received in each of the previous two fiscal years.
According to the latest data from the Bangladesh Bank, the total remittance inflow for FY24 was $23.91 billion, a 10.66 percent increase compared to the previous year.
June 2024 saw remittances of $2.54 billion, representing a 15.59 percent year-on-year growth. The inflows for May and April were $2.25 billion and $2.04 billion, respectively, as reported by the Bangladesh Bank.
Data from the Bureau of Manpower, Employment and Training (BMET) indicates that approximately 1.142 million people left Bangladesh for work up to May FY24, slightly up from 1.137 million in FY23. In FY22, the figure was about 988,000.
The record remittance of $24.77 billion was received in FY21, attributed to the disruption of the hundi system—an illegal method of transferring money—due to international travel restrictions during the Covid-19 pandemic. The amount decreased to around $21 billion in FY22 and FY23 following the easing of travel restrictions.
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