Expats remit $1.45b home in first 12 days of June

With Eid-ul-Azha approaching, expatriates remitted $1.45 billion home through banking channels in the first 12 days of June – a $620 million or 75 per cent rise from the corresponding period of last year, according to the latest data from Bangladesh Bank.

The country received $840 million in remittance in the corresponding period of June last year.

Remittance reached a 46-month high to $2.25 billion in this May with the country receiving an average of $72.5 million daily.

However, the month of June saw an average of $121.7 million a day – up by over $50 million a day from the previous month.

People involved in baking sector said if this trend continues, inflow of remittance will cross $2.50 billion this month.

Expatriates increasingly use legal channels to remit home after Bangladesh Bank hiked the exchange rate of the dollar by Tk 7 to Tk 117 per dollar in May.

Bangladesh received $21.61 billion in remittance in the 2022-23 fiscal and $21.37 billion in the first eleven months of the 2023-24 fiscal.