Bangladesh's remittance inflow reached USD 1,532.66 million or $1.53 billion during the first 19 days of October 2024, driven by steady contributions from state-owned and private commercial banks, according to Bangladesh Bank data on Monday.
State-owned banks channeled USD 400.82 million, with Sonali Bank collecting USD 64.01 million in the week ending October 19, pushing its total to USD 104.05 million. Janata Bank reported the highest inflow among state lenders, securing USD 105.50 million.
Private banks accounted for USD 1,049.66 million, with Islami Bank Bangladesh PLC leading at USD 308.15 million, despite slowing slightly in the third week. BRAC Bank and Bank Asia followed with USD 96.30 million and USD 72.84 million, respectively.
The remittance inflow remains vital to stabilizing foreign reserves, cushioning against trade imbalances, and meeting the government's fiscal needs. If the current trend holds, October 2024 could see inflows exceed USD 2 billion, sustaining the positive momentum from previous months.
While foreign commercial banks contributed only USD 4.01 million, Standard Chartered Bank led with USD 3.01 million.
So far in FY 2024-25, Bangladesh has collected USD 6,542.71 million in remittances, surpassing the corresponding period of the previous fiscal year. This sustained growth is expected to play a crucial role in managing both economic and foreign exchange challenges.
