Bangladesh's Inward remittance crossed $1b in first half of March

March 20, 2024
According to Bangladesh Bank figures released on Tuesday, migrant workers from Bangladesh sent home more than $1 billion ($1018.98 million) in the first half of March, exceeding expectations. This is a promising beginning to the month and points to a possible record-breaking year for remittances. With almost $128 million in contributions over the course of the fifteen days, state-owned commercial banks remained the main conduit for remittances. With USD 74.38 million in inflows, Janata Bank emerged as the top, followed by Agrani Bank ($31.06 million) and Rupali Bank ($10.19 million). Private commercial banks also witnessed a significant rise. Islami Bank Bangladesh topped the list with a staggering $318.28 million, followed by BRAC Bank ($59.80 million) and Social Islami Bank $58.92 million. While the initial figures are encouraging, experts remain cautiously optimistic due to global economic uncertainties. The full picture for March will be available when data for the latter half of the month is released.