Bangladesh surpassed the $3 billion milestone in remittance inflows within a single month for the first time as expatriates in March sent a record $3.29 billion, which reflected a 65% year-on-year increase.

This surge was largely attributed to the Eid-ul-Fitr festival, according to data from the Bangladesh Bank.

During the final days of March (27–31 March), remittances amounted to $345 million. For the first 26 days of the month, inflows already reached $2.94 billion, surpassing previous monthly records.

For the period from July to March of the current fiscal year, total remittances stood at $21.77 billion, up from $16.69 billion in the same period last year.

March marks the first Eid after the political changeover in August last year. Overseas Bangladeshis are now sending more remittances through legal channels than ever before.

Bankers suggest that the decrease in money laundering has encouraged expatriates to choose legitimate channels for sending their earnings. As a result, new records for remittance earnings were set during the holy month of Ramadan.

With the increase in remittance inflows, the dollar shortage that banks had been facing has largely eased, according to officials.

They also noted that the instability in the dollar's exchange rate has diminished. Banks are now purchasing remittances at the central bank’s maximum rate of Tk123 per dollar.