Ahead of the upcoming Eid-ul-Adha festival, expatriate Bangladeshis have sent nearly $3 billion in remittances through legal banking channels during the first 23 days of May, bringing a wave of relief to the country's economy.
According to updated data released by the Bangladesh Bank on Sunday, the country received $2.97 billion between May 1 and May 23.
This marks a surge of over 41 percent compared to the $2.10 billion recorded during the same period last year, reflecting an absolute increase of more than $870 million.
The central bank reported a massive daily inflow of $173.6 million on May 23 alone. Bangladesh Bank officials attributed the surge to expatriates sending extra funds to their families to cover holiday expenses.
They also noted that government cash incentives for using formal channels and growing confidence in the banking system have fueled this positive trend. Industry insiders anticipate the inflow will accelerate further in the final week of the month as the festival draws closer.
The strong performance in May reflects broader growth in the current 2025-26 fiscal year. From July 1 to May 23, total remittance receipts reached $32.30 billion, up from $26.64 billion during the corresponding period of the previous fiscal year. This represents a robust year-on-year growth of 21.26 percent.
Economists emphasized that these steady inflows are playing a crucial role in stabilizing Bangladesh's foreign exchange reserves, acting as a primary source of US dollars alongside export earnings.
The country has witnessed a consistent upward trend in expatriate income in recent months. Bangladesh received $3.22 billion in April and a record-breaking $3.75 billion in March, which stands as the highest single-month remittance inflow in the nation's history.
Previous top months include March of last year at $3.29 billion, December of last year at $3.22 billion, and January of this year at $3.17 billion.
Senior bankers pointed out that ongoing initiatives to curb informal money transfer networks, commonly known as hundi, are yielding visible results. The expansion of mobile financial services, digital remittance platforms, and faster transaction processing has increasingly encouraged expatriates to utilize formal and secure banking channels.
