Bangladesh has witnessed a strong surge in remittance inflows ahead of Eid-ul-Azha, with expatriates sending close to $3 billion through formal banking channels in the first 23 days of May.
Latest data from Bangladesh Bank, released on Sunday, showed that remittances reached $2.98 billion during the period—up by 41.31 percent compared to $2.10 billion in the same period last year.
The sharp rise reflects a seasonal boost as migrant workers send additional funds home to support families during the festival, particularly for Eid-ul-Azha, when spending typically increases.
On May 23 alone, inward remittances stood at $173.6 million, indicating sustained momentum in inflows.
In local currency, the remittance received so far this month amounts to approximately Tk 36,307 crore, providing a significant cushion for the country’s foreign exchange reserves.
The upward trend is also evident in the overall performance of the current fiscal year. From July 1 to May 23 of FY2025-26, total remittances reached $32.31 billion, marking a 21.26 percent increase from $26.64 billion recorded during the same period of the previous fiscal year.
Monthly figures further highlight the strength of inflows in recent months. Bangladesh received $3.22 billion in April, while March saw a record $3.75 billion—the highest ever remittance in a single month. January also posted strong inflows of $3.17 billion, ranking among the top monthly earnings.
Sector insiders attribute the surge primarily to Eid-related transfers, as expatriates traditionally send higher amounts to cover festival expenses, including sacrificial animal purchases.