Bangladesh received $2.16b remittances in February
Expatriate Bangladeshis sent around 2.16 billion US dollar in remittances during the month of February which is the highest in the past eight months.
This figure represents the highest monthly remittance received in the past eight months, showcasing a notable 38.46% increase compared to the same period last year, according to data from Bangladesh Bank.
Mezbaul Haque, a spokesperson for Bangladesh Bank, expressed the expectation that remittance inflows are likely to surpass $2 billion each month leading up to Eid-ul-Azha. He highlighted that expatriates tend to send significant amounts of money to their relatives in Bangladesh, particularly during Ramadan and the two Eid festivals. If this positive trajectory continues, it is anticipated that the foreign exchange reserves will experience replenishment, potentially aiding in overcoming the ongoing dollar crisis.
This surge in remittances is a welcome development for Bangladesh, providing a much-needed boost to the country's dwindling foreign exchange reserves, as noted by industry insiders.
Notably, the current figure is reminiscent of the higher remittance inflow recorded in June 2023, which amounted to $2.19 billion. The continued influx of remittances holds the promise of stabilizing the foreign exchange situation and contributing to economic resilience in the coming months.
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