Bangladesh Bank has reported substantial growth in wage earners' remittances for the first 11 days of January 2025 to start a promising new year.
Total remittance inflow reached $736.61 million during this short period marking a notable 57percent increase compared to the previous period.
State-owned commercial banks, led by Sonali Bank reported $61.85 million inflow, significantly contributing to this growth, totaling $201.93 million for January 1-11 period. Janata Bank and Rupali Bank followed closely, reporting inflows of $49.47 million and $45.58 million, respectively. However, Bangladesh Development Bank and BASIC Bank showed minimal activity with negligible contributions.
Specialized banks also played a role, with Bangladesh Krishi Bank reporting $24.85 million in remittances. In contrast, RAKUB did not record any remittance inflow, highlighting disparities in performance among different banking sectors.
Private commercial banks led the charge, collectively amassing $507.33 million in remittances. Islami Bank Bangladesh stood out with a substantial $114.86 million, while BRAC Bank and Al-Arafah Islami Bank reported inflows of $59.98 million and $38.69 million, respectively.
Despite the positive trends, not all banks reported favorably, particularly foreign commercial banks, which collectively contributed only $2.51 million. With the gradual recovery of the global economy and the easing of travel restrictions, these figures are expected to grow as more Bangladeshis abroad seek to support their families through remittances.
This surge in remittances is a testament to the resilience of Bangladeshi workers overseas, overcoming economic challenges and contributing significantly to the national economy. As the year progresses, stakeholders hope for continued growth in this vital sector, which remains a cornerstone of Bangladesh's economic stability, bankers said.
