Of $2.22b August remittance, highest $405.23 million channeled thru IBBL

Bangladesh recorded $2.22 billion in remittances in August 2024, marking the second-highest monthly inflow since June this year when remittances peaked at $2.5 billion. 

This notable rise reflects the impact of several factors, including favorable exchange rates and increased overseas employment opportunities.

Islami Bank Bangladesh PLC led the remittance receivers with $405.23 million, followed by Trust Bank Ltd. with $290.31 million and BRAC Bank PLC with $206.62 million. 
The surge indicates growing confidence in formal banking channels, despite competition from informal remittance systems and the persistent impact of global economic uncertainties.

This increase is largely derived by Bangladesh Bank's efforts to stabilize the currency, along with incentivizing remittances through official channels by enhancing exchange rate mechanisms and reducing transaction costs.