Remittance inflow hits $3.12b in April, up 13.5% YoY

Bangladesh received $3.12 billion in remittances in April this year, marking a 13.5% increase compared to the same month last year, according to the latest data released by Bangladesh Bank today (3 May).

In April last year, expatriates had sent $2.75 billion, the data showed.

However, remittance inflows declined compared to March this year, when the country recorded a historic high of $3.75 billion in a single month. Bankers attributed the March surge to increased transfers ahead of Ramadan and Eid-ul-Fitr.

Despite the month-on-month drop, bankers view the steady inflow of over $3 billion per month as a positive trend for the economy.

They also expect remittance inflows to increase further in May, driven by the upcoming Eid-ul-Adha at the end of the month.

Bankers noted that the narrowing gap between exchange rates in the informal market and banking channels has encouraged expatriates to remit funds through official means.