Expatriates send $726.29m remittance in 7 days

According to the latest data from the Bangladesh Banks Statistics Department (BOP Division), wage earners remittances for the first week of June have shown a strong performance, with a total inflow of USD 726.29 million ahead of Eid- ul-Azha.

State-owned commercial banks together received a total of USD 172.48 million of which Janata Bank PLC led with USD 60.45 million, followed by Agrani Bank PLC with USD 57.45 million and Rupali Bank PLC with USD 31.20 million. Specialized banks, represented solely by Bangladesh Krishi Bank, received USD 10.09 million.

Private commercial banks saw the highest inflow with a subtotal of USD 541.30 million. Islami Bank Bangladesh PLC was the top performer, bringing in USD 159.18 million, followed by City Bank PLC with USD 29.20 million and Bank Asia PLC with USD 33.00 million. Foreign commercial banks accounted for a modest subtotal of USD 2.42 million, with Standard Chartered Bank leading this category at USD 1.65 million and Bank Al-Falah following with USD 0.44 million.

Islami Bank Bangladesh PLC emerged as the top individual bank in terms of remittance collection, receiving a substantial USD 159.18 million. Among the state-owned banks, Janata Bank PLC topped the list.

The overall remittance inflow for the first seven days of June highlights the significant role of private commercial banks in the remittance market, accounting for over 74 per cent of the total remittances.

The data for the past fiscal year indicates that the month of June has consistently shown strong remittance inflows, continuing this trend for the initial days of June 2024.

This robust performance is seen as a positive indicator for the economy, supporting foreign exchange reserves and contributing to overall economic stability.