Economic, political failures major drivers behind the surge
Bangladesh's economy heavily depends on garment exports and remittances for its foreign exchange reserves, with limited diversification in agricultural products. Despite being an agrarian society, it imports key agriculture-related products, straining reserves.
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Suspicious transaction and activity reporting shot up 65 percent year-on-year to 14,106, with 91 percent of the reports filed by scheduled banks, according to the annual report of BFIU
Migrant workers sent home $2.1 billion in January
The return and reintegration of migrants is an integral part of the migration cycle
Bangladesh has long relied on its diaspora's remittances, accounting for 4.76 percent of GDP in 2022-23 – the true potential lies in fostering deeper engagement
The remittance experienced a sharp decline—13.5 percent year-on-year—when it hit $4.91 billion in the July-September quarter of 2024, down from $5.67 billion in the same period previous year, according to the quarterly data of the central bank.
The inflow of remittance to Bangladesh increased 21 percent year-on-year to $1.93 billion in November as most banks are offering higher rates for the US dollar to boost foreign currency collection.
Remittance flows to Bangladesh rose to a three-month high in June as expatriates sent home $1.79 billion in the first 23 days of the month to help their families celebrate Eid-ul-Azha.
Thanks to higher inflow of remittances for Eid-ul-Azha
The allocation for subsidies in agriculture, food, and power will be raised considerably in the next budget, with an aim to ease inflationary pressure on people.
Islami Bank Bangladesh Ltd (IBBL) retained its top spot as the biggest remittance collector as it brought home the highest amount of funds sent home by migrant workers in January-March of 2023, official figures showed.
Migrant workers sent home $1.68 billion in October
The amount is a seven-month high
Take concrete steps to address loopholes in the system
However, February's remittance of $1.56 billion was 20.3 per cent lower than the previous month's $1.95 billion
According to the Guidelines for Foreign Exchange Transactions 2018, a declaration is not required against inward remittances up to $10,000 or its equivalent.
The USA has 5 lakh Bangladeshi migrant workers and Saudi Arabia 20 lakh