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$2.40 Billion Remittance Received in September

Rtv News

  01 Oct 2024, 19:29
Photo: Collected

In September, expatriates sent $2.40 billion in remittances to Bangladesh. Converted to local currency (at a rate of 120 BDT per USD), this amounts to approximately 28,856.40 crore BDT. On average, the country received $80.2 million per day during the month.

This information was revealed in an updated report from the Bangladesh Bank on Tuesday (October 1).

The report states that $2.40 billion in remittances were received in September, compared to $2.22 billion in August, indicating an increase in remittance inflow.

Key Highlights:
Total Remittance: $2.40 billion (approx. 28,856.40 crore BDT)
Daily Average: $80.2 million
Increase from August: Up from $2.22 billion in August

Previous Highs:
June: $2.53 billion
July: $1.91 billion (lowest in 10 months)
August: $2.22 billion

In September, $638.25 million was received through state-owned banks, $109.98 million through specialized banks, $1.65 billion through private banks, and $6.21 million through foreign commercial banks.

Additionally, between September 29 and 30, expatriates sent $291.68 million in remittances. Between September 22 and 28, the country received $478.89 million, while from September 15 to 21, $467.03 million in remittances were received. During the second week of September (September 8 to 14), the remittance inflow was $582.66 million, and in the first week, expatriates sent $584.54 million.

Earlier, in June, remittance inflows stood at $2.53 billion, while in the first month of the current fiscal year (July), remittances dropped to around $1.91 billion—the lowest in the past 10 months.

In August, remittances increased again, with expatriates sending $2.22 billion.

Bankers note that since the beginning of the new government, expatriates have reduced their use of informal remittance channels (like hundi) and are now sending remittances through official banking channels, even if they have to wait in line. This shift has led to a significant increase in the country's remittance earnings.

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