Bangladesh sees surge in remittances, raking in $1.53bn in October

Bangladesh recorded $1.53 billion in remittances during the first 19 days of October 2024, as reported by Bangladesh Bank. 

This translates to an impressive daily average of $87 million, showcasing a robust inflow.

When compared to September's figures, which totaled $1.47 billion for the same timeframe, October has demonstrated a noteworthy increase in remittance contributions.

Analyzing the sources of these funds, state-owned banks contributed a substantial $400.8 million, while specialized banks added $78 million to the mix. However, private banks emerged as the frontrunners, generating a remarkable $1.0496 billion in remittances. Foreign bank branches operating within Bangladesh accounted for $4.10 million of the total.

Further details from Bangladesh Bank reveal that expatriates sent $546.30 million from October 13 to 19, building on the $561.9 million received from October 6 to 12, and $424.7 million that flowed in during the initial five days of the month.