Wage earners' remittances for August 2024 totaled $1.72 billion in the first 24 days of August playing a vital role in sustaining the country's foreign currency reserves.
The inflows reflect resilience despite global economic challenges, with private commercial banks leading the surge Bangladesh Bank's latest figure shows.
Among the top performers, Islami Bank Bangladesh PLC recorded the highest inflow at $315.67 million, followed by Trust Bank Ltd. with $286.41 million. BRAC Bank PLC also showed significant remittance totaling $168.30 million.
State-owned banks contributed a combined $276.90 million, with Janata Bank PLC bringing in $118.55 million, the highest among them. The specialized Bangladesh Krishi Bank added $60.41 million to the total.
In terms of remittance channels, private commercial banks remained dominant, accounting for $1.38 billion of the total inflow.
Despite a smaller contribution, foreign commercial banks like Standard Chartered Bank managed to add $2.36 million.
This strong remittance flow comes at a crucial time for Bangladesh, as the country grapples with economic challenges, including a widening trade deficit and inflationary pressures. Maintaining steady remittance inflows is critical for supporting the foreign exchange reserves and mitigating the impact of external shocks.
The total remittance for the fiscal 2024-25, as of July, stands at $1.91 billion, a promising start compared to previous fiscal years.
