Bangladesh’s inward remittance shrinks by 22.79% over a 26-day count in April

Bangladesh’s remittance inflow has dipped by 22.79 percent over the first 26 days of April compared with what expatriates sent in the same period last month, according to Bangladesh Bank data.

In March, Bangladesh raked in Tk 2.94 billion over the first 26 days before posting a record-breaking Tk 3.29 billion in the whole month.

Bangladeshis abroad had sent Tk 1.91 billion in the first 19 days in April through banking channels, and the following seven days registered Tk 550 million inflow.

According to bankers, March saw the highest-ever inward remittance due to Eid-ul-Fitr, which is usually the case every year.

Bangladesh recorded its second-highest monthly remittance in December 2024, reaching $2.64 billion, while the third-highest inflow came in February this year at $2.54 billion.

A treasury head of a private bank told bdnews24.com that the volatility of the dollar rate in the market has somewhat settled due to a slowdown in the Hundi business. The difference between banking channels and Hundi rates has lowered to around Tk 0.5-0.6, down from Tk 7-8 earlier.

The head of treasury chief of another bank said the banks were not manipulating remittances like before. The highest rate, Tk 122, was being offered.

In late January this year, the dollar rate soared to Tk 128 due to rising demand, with some banks purchasing remittances at Tk 126.

In response, Bangladesh Bank capped the remittance exchange rate at Tk 123.