Bangladesh received $1.94 billion in remittances during the first 26 days of October, according to data from Bangladesh Bank (BB) released on Sunday (October 27).

Daily remittance inflows averaged $7.497 million for October, which marks a decline from $8.016 million per day in September but remains an increase from the $6.571 million daily average in October 2023.

Breaking down the figures by institution, six state-owned banks received $547 million in remittances, with Bangladesh Krishi Bank contributing $99.99 million. The private sector handled the majority of remittance inflows, as 42 private banks collectively received $1.296 billion, while six foreign banks processed $5.12 million between October 1 and 26. Notably, nine banks reported no remittance inflows during this period.

July saw a significant dip in remittances amid political uncertainty in Bangladesh. However, inflows began to stabilize in August following the appointment of an interim government, according to banking analysts. The recovery reflects improved confidence in the country’s economic stability and governance, contributing to higher remittance volumes.

BOB Post