Remittance from UAE to Bangladesh surges 48%

Remittance from UAE to Bangladesh surges 48%

Remittances from the UAE to Bangladesh surged 48 percent year on year to $3.3 billion in the first nine months of fiscal year 2023-24, according to data from the country’s central bank. Dhaka receives remittances between $250 million to $300 million per month from the UAE, The Business Standard, a financial newspaper, reported. However, remittance […]Remittances from the UAE to Bangladesh surged 48 percent year on year to $3.3 billion in the first nine months of fiscal year 2023-24, according to data from the country’s central bank.

Dhaka receives remittances between $250 million to $300 million per month from the UAE, The Business Standard, a financial newspaper, reported.

However, remittance from Saudi Arabia declined 29 percent year on year to nearly $2 billion.

The UK reported an annual increase of 47 percent to $2.1 billion, but the US fell 31 percent year on year to $1.9 billion.

Remittance inflows from Singapore surged by 48 percent year on year.

Additionally, remittances sent by Bangladeshi expatriates from Malaysia, Oman, Italy, Germany, and Bahrain saw significant increases.

Bangladesh has more than 6.5 million individuals working overseas by 2023. The latest quarter saw 1.6 million taking up employment in Saudi Arabia, the report said. Remittance from UAE to Bangladesh