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Inward remittance surges to $1.13b in first 17 days of August

Published : Tuesday, 20 August, 2024 at 12:00 AM  Count : 273
Business Correspondent
Remittance inflow to the country has shown a robust rise in the first 17 days of August 2024, with total remittances reaching $1,134 million ($1.13 billion), showing a significant indicator of economic stability and growing confidence among expatriates in the banking system. 

This positive trend reflects the sustained efforts of the financial sector to channel remittances through formal banking channels. During the first 10 days of August, remittance inflows stood at $497 million, with five banks emerging as the top receivers. 

Indeed remittance saw bottom down in the first week of August as the students anti-discrimination movement was at its peak when expatriates slowed sending money as a sign of non-cooperation to the Hasina regime opposing her mass killing. But as soon as the regime collapsed, remittance saw uptick taking a momentum.   
  
Islami Bank Bangladesh PLC led the pack, in the remittance booking, bringing in $115.83 million, followed by Trust Bank Ltd. with $63.77 million, Dhaka Bank PLC with $15.14 million, BRAC Bank PLC with $20.25 million, and Mutual Trust Bank PLC with $11.91 million. 

These top performers collectively accounted for a substantial portion of the total remittances, highlighting their robust outreach and efficient remittance services. From August 11-17, remittances surged further, totaling $637 million, with Islami Bank Bangladesh PLC maintaining its dominance with $90.66 million. Trust Bank Ltd. collected $123.21 million, marking it as the most significant contributor during this period. 

This growth is particularly noteworthy given the economic challenges posed by global inflationary pressures and currency exchange fluctuations. When comparing the first 10 days to the first 17 days of August, the data reveals an impressive uptick in remittance flows. 

The additional seven days saw an influx of $637 million, underscoring the accelerated pace of remittance inflows way out from turmoil. This trend is indicative of a strong reliance on formal banking channels for remittances, possibly driven by the government's incentives and improved banking infrastructure. 

Breaking down the data by banking sectors, Private Commercial Banks continue to dominate, receiving $941.43 million in the first 17 days. Islami Bank Bangladesh PLC alone garnered $255.32 million, reaffirming its position as a leader in the remittance market. 

Trust Bank Ltd., with a total of $187.29 million, and BRAC Bank PLC, with $79.89 million, further solidify the private sector's dominant role in attracting remittances.

State-Owned Commercial Banks (SOCBs) also played a significant role, collecting $152.95 million, led by Janata Bank PLC with $63.66 million. The Specialized Banks, such as Bangladesh Krishi Bank, contributed $37.69 million, reflecting the diverse channels through which remittances are being received.

The first 17 days of August 2024 have been a period of remarkable growth in remittance inflows for Bangladesh. The increased confidence in the banking system, coupled with strategic initiatives to encourage formal remittance channels, has yielded positive results. 

As remittance flows continue to rise, they are expected to play a crucial role in sustaining the country's economic momentum and supporting the foreign exchange reserves, bankers said.



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