Bangladesh received USD 988 million in remittances through formal banking channels in the first 11 days of October, marking a 3.5 per cent rise compared to the same period last year.
According to Bangladesh Bank data, remittance inflow during the corresponding period of October last year stood at USD 954 million- USD 34 million lower than this year’s figure.
Between October 9 and 11 alone, expatriates sent home $183 million, while on October 8, remittance inflow stood at USD 112 million.
Since the beginning of the current fiscal year (July–October 11), total remittances reached USD 8.57 billion, up from USD 7.49 billion during the same period last year — a year-on-year increase of 14.4 per cent.
Meanwhile, the country’s foreign exchange reserves have also increased along with the rise in remittance inflow.
As per the latest data from Bangladesh Bank, the country’s gross foreign exchange reserves stood at USD 31.93 billion as of 9 October.
Under the IMF’s BPM6 calculation method, the usable reserve currently stands at USD 27.12 billion.