In a promising sign for Bangladesh's economy, expatriates sent $616.4 million in remittance during the first seven days of December, according to the latest report from Bangladesh Bank released on Sunday.
On average, $88.1 million was received daily during this period, UNB reports.
The report revealed that remittance inflow in the first week of December surpassed that of November's first week, which recorded $508.9 million.
This indicates a marked rise in remittance inflow as December unfolds.
Breakdown of Remittance Sources
The data further revealed the contribution of different banking sectors:
- State-owned banks: $185.2 million
- Specialised banks: $45.8 million
- Private banks: $383.3 million
- Foreign bank branches: $2.03 million
Trends in Current Fiscal Year
Bangladesh's remittance inflow has shown fluctuating trends in the ongoing fiscal year. After peaking at $2.53 billion in June, remittance fell to $1.91 billion in July, marking the lowest monthly total in ten months.
However, with the interim government taking office and stabilising the situation, inflow started recovering. In August, remittance reached $2.22 billion, followed by $2.40 billion in September, the highest monthly total of the fiscal year.
October recorded a slightly lower total of $2.39 billion, while November brought in $2.19 billion.
The upward trajectory in December offers hope for further improvement, signalling a positive trend in the expatriate contribution to the nation’s economy.