Bangladesh has achieved a historic milestone by receiving $27.5 billion in remittances during the first eleven months (July-May) of the 2024-25 fiscal year – the highest ever recorded for this period, according to Bangladesh Bank data.
The remittance inflow saw a remarkable 31.7% year-on-year growth in May alone, with expatriates sending $2.97 billion, marking the second-highest monthly figure on record. Last year, for May, remittances stood at $2.55 billion.
The sustained growth includes a significant surge in the last three days of May when overseas workers remitted $247 million. The cumulative July-May remittance for FY2024-25 reflects a 28.7% increase from the $21.37 billion recorded in the same period last fiscal year. Central bank officials now project that annual remittances may cross the $30 billion mark for the first time by the end of FY2024-25.
This record-breaking performance underscores the vital role of migrant workers in bolstering Bangladesh’s economy, with May’s figures showing particularly strong growth at 31.7% year-on-year. The consistent upward trend has positioned the current fiscal year to achieve unprecedented remittance levels, potentially exceeding $30 billion for the first time in the nation’s history.