Remittance inflow jumps 45% ahead of polls

Bangladeshis living abroad sent home a record $3.17 billion in remittances in January this year, posting a 45 percent year-on-year jump.

Bankers credited this surge to various factors, including the national election scheduled to be held on February 12.

They said relatives of candidates normally send money for election campaigning.

Moreover, Ramadan, the holy month of fasting for Muslims, is set to begin a few days after the national polls, when migrant workers typically send more money home compared to other months.

They also added that more expatriates are now using formal banking channels, while informal routes have siphoned off less money since the political changeover in August 2024.

Cumulatively, remittance inflows in the first seven months of the current fiscal year (July–January) stood at $19.44 billion, up from $15.96 billion during the same period of the previous fiscal year, representing a year-on-year growth of 21.8 percent.