Second highest in historyMay sees $2.97b remittance inflow

Bangladesh received $2.97 billion in remittances in May, marking the second-highest monthly inflow in the country’s history, according to the latest data released by the Bangladesh Bank.

The surge comes amid preparations for Eid-ul-Azha, as expatriate Bangladeshis sent increased amounts of money home to support their families during the festive season.

The only month with a higher remittance inflow was March when the country received an unprecedented $3.29 billion, ahead of Eid-ul-Fitr.

These figures underscore a significant trend of increased remittance activity surrounding major Islamic festivals, as Bangladeshi workers abroad continue to play a crucial role in supporting the domestic economy.

Comparing year-on-year data, May 2024 saw remittances of $2.25 billion. This year’s figure reflects a 31.7% increase, showcasing the robust contribution of the diaspora even amid global economic uncertainties.

The cumulative remittance inflow for the first 11 months of the current fiscal year (July 2024 – May 2025) stands at $27.51 billion. This represents a remarkable 28.7% increase compared to $21.37 billion during the same period in the previous fiscal year.

Analysts credit the growth to both the seasonal spike associated with religious festivals and the government's efforts to encourage formal remittance channels.

Remittances remain a key pillar of Bangladesh's economy, contributing significantly to foreign exchange reserves and supporting millions of households.

According to the International Monetary Fund (IMF) method, foreign exchange reserves stood at $20.50 billion and the gross reserves stood at $25.76 billion.