Bangladesh’s remittance inflow increased by 13.93% year-on-year, reaching $2.19 billion in November this year, compared to $1.93 billion in the same month last year, according to data released by the Bangladesh Bank on Sunday.

However, November’s remittance inflow marked an 8.3% decline from the $2.39 billion received in October.

The increase in remittance inflow follows the fall of the Sheikh Hasina government on 5 August, which has reportedly restored confidence among expatriates, leading to a shift from unofficial channels to formal ones.

In July, remittance inflows fell below $2 billion for the first time in several months, but this trend reversed in August and September, with earnings exceeding $2 billion. In August and September, expatriates sent $2.22 billion and $2.4 billion, respectively.

A senior official at the central bank attributed the increase to heightened confidence among expatriates in using legal channels, bolstered by awareness campaigns and the political transition.

“The recent rise in remittance inflow is a positive sign, and we expect this trend to continue,” the official stated.

Remittances have been robust throughout the year. In July, the first month of the current fiscal year, remittances totalled $1.91 billion.

The country’s foreign exchange reserves have also remained stable. As of 28 November, reserves stood at $18.73 billion by international standards, while Bangladesh Bank’s internal accounting system reported a higher figure of $24.45 billion.

Bangladesh Bank Governor Ahsan H Mansur expressed optimism about the country’s foreign exchange reserves, suggesting they are unlikely to decline further. The surge in remittances has been a key factor in maintaining the stability of the reserves.