US was the top remittance spot for Bangladesh for three months surpassing the United Arab Emirates (UAE) from August, 2024 following the regime change.
According to recent report of Bangladesh Bank (BB) on expatriate income confirmed the US stood at the top, raking in a massive $1.4 billion in remittances.
The UAE, which was in the lead for years, has been relegated to the second spot with a substantial $990 million. Other countries rounding out the top 10 include Saudi Arabia, Malaysia, the United Kingdom, Kuwait, Italy, Oman, Qatar, and Singapore.
The BB data highlights the upward trend of US remittance inflows, starting with $293.4 million in August. This figure jumped to nearly $390 million in September, reflecting a staggering 34 per cent rise. The momentum has carried over into October, where the US reached $500 million, marking an increase of 28 per cent from the previous month. This upward trajectory continued in November, with the US receiving a record-high $511.9 million in remittances.
The US's rise to the top can be attributed to the heightened activity of Bangladesh expats in the US. Their increased participation has led to a notable increase in remittance inflows, pushing the US ahead of its rivals. Overall, the data reinforces the US's significant impact on Bangladesh's remittance landscape over these past three months.
