Remittance crosses $3b mark for sixth time

Bangladesh received $3.42 billion in remittances in May, marking the sixth consecutive month in which monthly remittance inflows exceeded the $3 billion threshold.

The strong inflow was largely driven by migrant workers and Bangladeshis living abroad sending additional funds home to support their families ahead of Eid-ul-Azha.

According to data released by the Bangladesh Bank, remittance inflows in May were 15.34% higher than in the same month a year earlier, reflecting the continued resilience of overseas earnings despite global economic uncertainties.

The latest figures have further strengthened the country's foreign exchange reserves and contributed to a robust performance in remittance earnings during the current fiscal year. During the first 11 months of FY2025-26 (July-May), expatriate Bangladeshis sent home $32.75 billion, compared with $27.5 billion during the corresponding period of the previous fiscal year, registering a 19% year-on-year increase.

Bangladesh Bank officials attributed the sustained growth in remittance inflows to several factors, including government incentives for sending money through formal banking channels, growing confidence in the country's banking sector, and seasonal transfers linked to the upcoming Eid festivities.

"The positive trend in remittance inflows has continued due to incentives offered for remitting money through legal channels, increased trust in the banking system, and higher remittance transfers by expatriates ahead of Eid," central bank officials said.

The latest data show that Bangladesh has maintained a remarkable streak of remittance growth over recent months. In April, the country received $3.22 billion in remittances, while March recorded $3.75 billion, the highest monthly remittance inflow in the country's history.

Earlier, remittance inflows stood at $3.22 billion in December 2025, followed by $3.17 billion in January 2026 and $3.02 billion in February 2026, indicating a consistent upward trend throughout the fiscal year.

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Economists say the continued rise in remittance earnings is playing a crucial role in supporting Bangladesh's external sector by easing pressure on foreign exchange reserves, helping stabilise the currency market, and strengthening the country's balance of payments position.

Bangladesh’s gross foreign exchange reserves stood at $34.77 billion as of Monday, according to the latest data released by Bangladesh Bank. The country’s reserves calculated under the IMF’s BPM6 standard stood at $30.11 billion.

With Eid-ul-Azha approaching and overseas Bangladeshis continuing to use formal channels for money transfers, policymakers remain optimistic that remittance inflows will maintain their strong momentum in the coming months.