$2.16bn in remittance sent in February, highest in 8 months

The Economy

February's remittances marked a significant increase of 38.46% compared to the same month last year. Bangladesh on Sunday saw the highest remittance inflow in the past eight months in February, amounting to $2.16 billion.

February's remittances marked a significant increase of 38.46% compared to the same month last year, as per Bangladesh Bank data.

In June 2023, the country saw a higher inflow of remittances amounting to $2.19 billion.Insiders believe this offered a respite for the country's depleting forex reserves.

According to bankers, due to a shortage of dollars, some banks buy dollars at higher rates than the officially declared rate, making it more lucrative for migrants to send money through the official channels.

The inflow of remittances tends to rise every year during the month of Ramadan. A record number of Bangladeshi migrants - 1.31 million, went abroad for jobs in 2023, up from 1.14 million of the previous year.