Bangladesh has recorded a strong start to July in remittance inflow, with a 15.34 percent year-on-year increase during the first six days of the month. This early surge reflects rising confidence among expatriate workers in formal banking channels and supports the countryโs foreign currency reserves at a critical time. According to official figures, expatriates sent over USD 830 million in just six days, up from approximately USD 720 million during the same period last year. This boost in remittance offers timely support to the national economy, contributing to foreign exchange stability and household purchasing power. The rise is being attributed to multiple factors, including improved exchange rates through formal banking channels, targeted awareness campaigns, and the growing adoption of mobile financial services that make it easier and faster for expatriates to send money home securely. Government incentives still play an important part. The 2.5 percent cash incentive offered on remittances sent through legal channels has encouraged workers abroad to avoid informal methods, helping to strengthen transparency and economic tracking. Experts believe the upward trend could continue throughout the month, particularly as many migrant workers send money ahead of festival seasons and family commitments. Higher global labor demand and expanding job opportunities in the Middle East and Southeast Asia are also contributing to stronger inflows. Remittance remains one of the largest sources of foreign earnings for Bangladesh. It supports millions of families across the country and fuels spending in key sectors like housing, education, healthcare, and small business. Strong inflows also help reduce the balance of payments gap and enhance macroeconomic resilience. Banks and other financial organizations are boosting their initiatives to enhance the ease and safety of sending money. Banks and mobile financial service providers have expanded their global networks, introduced 24/7 digital remittance options, and partnered with foreign exchange houses to deliver funds more efficiently. This early July remittance boost follows a steady performance in the previous fiscal year, when Bangladesh crossed the USD 24 billion mark in annual inflows. Sustaining this growth is crucial for maintaining liquidity in the banking sector and ensuring the availability of foreign currency for import payments. Policymakers have welcomed the trend as a sign of trust in the financial system. Continued investment in digital platforms, outreach to migrant workers, and competitive exchange rates are expected to further enhance the remittance ecosystem. As the country navigates global economic uncertainties, the positive momentum in remittance inflow offers hope and financial strength for millions of families and for the economy at large.Image Source:
