Remittances Hit $1.99b in First 21 Days of June

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xpatriate Bangladeshis sent nearly $1.99 billion in remittances during the first 21 days of June, reflecting a strong upward trend in foreign currency inflows amid continued efforts to stabilise the economy.

According to the latest data released by the Bangladesh Bank, total remittance inflows during the July 2024 to 21 June 2025 period of the current fiscal year have reached $29.50 billion. This marks a significant rise compared to $23.29 billion received during the same period in the previous fiscal year.

The year-on-year growth in remittance stands at $6.21 billion, or an impressive 26.7 percent increase. Economists and central bank officials attribute the surge to a combination of factors, including more efficient money transfer channels, government incentives, and seasonal factors such as Eid-ul-Azha, which usually sees an increase in funds sent home by expatriates for family support and sacrificial purposes.

The central bank also noted that the use of formal banking channels and mobile financial services has improved the transparency and speed of remittance transfers, discouraging the use of illegal hundi systems. Enhanced monitoring, attractive exchange rates, and the continuation of the 2.5 percent cash incentive for remitters have also contributed to the surge.

Officials expressed optimism that the upward trend would continue into the coming months, providing much-needed support to the country’s foreign exchange reserves and overall macroeconomic stability. Remittance remains one of the key pillars of Bangladesh’s economy, playing a vital role in sustaining rural livelihoods and supporting domestic consumption.

Bangladesh currently has over 13 million citizens working abroad, mainly in the Middle East, Southeast Asia, Europe, and North America. The government and central bank continue to encourage the use of official remittance channels through various awareness campaigns and policy support.

If this trend continues, the total remittance earnings for FY2024–25 could surpass expectations, offering a cushion against trade imbalances and helping maintain stability in the foreign exchange market.