Bangladesh receives $2.48bn remittance in July

Bangladesh has recorded a robust start to the new fiscal year, with remittance inflows reaching $2.48 billion in July, according to data released by Bangladesh Bank on Sunday. 

The figure marks a 29.48% year-on-year increase from $1.91 billion in July 2024, signaling a strong recovery in confidence among overseas Bangladeshis. 

The decline in remittances during the same month last year was largely due to political unrest, when a social media-driven campaign urged expatriates to temporarily halt transfers through formal channels. However, following political stabilization, sentiment has improved, and inflows have rebounded sharply. 

Bangladesh Bank said the rise in formal remittance flows is having a direct and positive impact on the country’s foreign exchange reserves, helping to stabilize the Taka amid ongoing economic challenges. 

Officials credited the growth to a series of government initiatives, including a 2.5% cash incentive for remittances sent through official banking channels, intensified efforts to curb the illegal hundi system, and significant improvements in digital and mobile banking services. 

“Expanding access to fast, reliable, and rewarding formal channels has encouraged more expatriates to send money through the banking system,” said a central bank official. 

The upward trend has been consistent in recent months. In June 2025, remittances reached $2.82 billion, an 11% increase compared to the same period last year. 

The previous fiscal year (2024–25) concluded on a historic high, with total remittance inflows reaching $30.33 billion — a nearly 27% jump from $23.74 billion in FY 2023–24, marking the highest annual remittance total ever recorded in Bangladesh. 

Economists say the sustained rise in remittance earnings is providing critical support to the national economy, easing pressure on foreign exchange reserves and improving dollar liquidity at a time of global economic uncertainty. 

With remittances continuing to grow, they remain a key pillar of Bangladesh’s economic resilience and recovery.