Until now, the record for the highest remittance received in a single fiscal year in the country stood at $24.78 billion, set in FY 2020–21 when expatriates sent that much during the COVID-19 crisis. However, in the current fiscal year, remittance inflows have shattered previous records. With nine days still remaining before the fiscal year ends, $29.50 billion has already been received. Authorities expect the total to exceed $30 billion by the time those nine days are included.
Arief Hossain Khan, Bangladesh Bank’s spokesperson and Executive Director, said that expatriates sent home $1.99 billion in remittances during the first 21 days of June. In the same period last year—June 2024—the figure was $1.91 billion. That marks a 4 percent growth in remittance for the current June.
Arief Hossain Khan stated, “From July 1 last year to June 21 this year, a record $29.50 billion in remittances have entered the country. During the same period in FY 2023–24, remittance stood at $23.28 billion. That means remittance has grown by 26.7 percent this fiscal year.”
Following the student-led mass uprising starting August 5 last year, remittance flows surged. Overseas Bangladeshis have sent more remittances through legal channels in recent months than at any previous time. This has resulted in $6.22 billion more remittances this fiscal year compared to the last. The high inflow has also restored stability to the country’s foreign exchange reserves. Beginning mid‑2022, reserves began declining due to dollar shortages. From a peak of $48 billion, reserves halved in two years. But in the current fiscal year, reserves have begun to increase rather than shrink.
According to data from the central bank, as of June 19, the country’s foreign exchange reserves stood at $21.39 billion based on the BPM6 standard. By Bangladesh Bank’s own accounting method, the gross reserve on that day was $26.56 billion. Recently, development partners such as the World Bank and ADB have approved nearly $2 billion in loan support for Bangladesh. The country is also set to receive $1.3 billion as the next loan tranche from the International Monetary Fund (IMF). Once these loan supports are added, the country’s reserves are expected to increase by more than $3 billion.
Syed Mahbubur Rahman, Managing Director of Mutual Trust Bank, said, “The demand for hundi abroad originates from within the country. A large portion of the laundered money by Bangladeshis is collected from major labor markets overseas. After the mass uprising, the channels for money laundering from the country have significantly narrowed. As a result, demand from hundi operators abroad has also declined. When demand falls in the black market, remittance inflows through legal channels increase. The surge in remittances we're currently seeing in the banking sector is a result of that.”
He added, “To sustain the current growth in remittance, there must be stricter action against money launderers. If money laundering stops, hundi operations will also decline. Expatriate Bangladeshis will feel more encouraged to send money through legal channels. And since these migrants play such a crucial role in the economy, the government should offer them more support and benefits.”
According to Bangladesh Bank data, remittance inflows stood at $18.20 billion in FY 2019–20. In FY 2021–22, the figure was $21.03 billion, and in FY 2022–23, it rose to $21.61 billion. In FY 2023–24, remittance increased slightly to $23.91 billion. And in the current FY 2024–25, with nine days still remaining, remittance has already reached $29.50 billion.