In May 2024, inward remittance to Bangladesh surged by 32.35% year-on-year, reaching $2.25 billion as migrant workers sent more money home ahead of Eid-ul-Azha, according to Bangladesh Bank data.
This compares to $1.7 billion in remittances received during the same period last year. Additionally, May 2024’s remittances were 10.29% higher than those in April.
In March 2024, remittances amounted to $2.04 billion, central bank data showed.
Economists indicate that the hundi system remains a significant obstacle to the legitimate flow of remittances, a challenge the Bangladesh Bank has yet to overcome.
Bankers note that remittance inflows typically increase during both Eid-ul-Fitr and Eid-ul-Azha.
