Remittance Hits $2.79 Billion in First 25 Days of February

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News Desk: The flow of remittances, a major driver of the country’s economy, is picking up pace. In just the first 25 days of February this year, expatriate Bangladeshis sent a record $2.79 billion (equivalent to 27.92 billion BDT) back home.

According to the Central Bank, the average daily remittance during this period was $11.17 million.

On Thursday (26 February), Arif Hossain Khan, spokesperson for Bangladesh Bank, confirmed this information to reporters.

Analysis of the data from Bangladesh Bank shows that in the first 25 days of February last year, remittances totaled $2.281 billion. This indicates a significant year-on-year growth in remittance inflows. The increase is largely attributed to government incentives for using legal channels instead of informal hawala systems, as well as attractive offers from banks encouraging expatriates to send money through official banking channels.

Statistics reveal that from July of last year to 26 February this year, a total of $22.225 billion in remittances has been received in the country, representing a 21.8% year-on-year growth.

Earlier, in January, Bangladesh also achieved a major milestone in remittance inflows. Expatriates sent $3.179 billion, which was the third-highest single-month inflow in the country’s history and the second-highest of the current fiscal year.