Remittances have become a much-anticipated relief for the economy reeling under macroeconomic stress, growing steadily since August last year and providing the interim government with a breather amid a rapid erosion of foreign exchange reserves.

Migrants sent home $2.52 billion in February

Migrants sent home $2.18 billion in the first month of 2025

However, November’s inflow of $2.2 billion was 8.16% lower than the previous month

Migrant Bangladeshis sent home $2.39 billion in October

Many are sympathetic towards migrant workers for justifiable reasons.

After hovering around the $21-billion mark for the previous two fiscal years, total remittances sent home by Bangladesh’s migrant workers reached nearly $24 billion in the just concluded fiscal year of 2023-24, providing some breathing space amid the forex crunch.

Bangladesh received the highest remittance from the United Arab Emirates in the first 10 months of the outgoing fiscal year, well ahead of traditional powerhouses such as Saudi Arabia and the United States, central bank figures showed.

Economic, political failures major drivers behind the surge

Bangladesh's economy heavily depends on garment exports and remittances for its foreign exchange reserves, with limited diversification in agricultural products. Despite being an agrarian society, it imports key agriculture-related products, straining reserves.

Alarming revelation about undocumented workers in Libya raises questions

Suspicious transaction and activity reporting shot up 65 percent year-on-year to 14,106, with 91 percent of the reports filed by scheduled banks, according to the annual report of BFIU

Migrant workers sent home $2.1 billion in January

The return and reintegration of migrants is an integral part of the migration cycle

Bangladesh has long relied on its diaspora's remittances, accounting for 4.76 percent of GDP in 2022-23 – the true potential lies in fostering deeper engagement

The remittance experienced a sharp decline—13.5 percent year-on-year—when it hit $4.91 billion in the July-September quarter of 2024, down from $5.67 billion in the same period previous year, according to the quarterly data of the central bank.

The inflow of remittance to Bangladesh increased 21 percent year-on-year to $1.93 billion in November as most banks are offering higher rates for the US dollar to boost foreign currency collection.

Migrant workers sent home $1.93 billion in November this year, which was $1.59 billion in the same month last year.

The central bank sits with top 10 foreign exchange houses

Migrant workers sent home $1.98 billion in October, a four-month high, as banks stepped up efforts to woo more remittance buoyed by a relaxed central bank rule on incentive, a development that is expected to give some relief to a country reeling under the foreign exchange crisis.