Remittances from UAE to Bangladesh surge 48%

Reuters/Mohamed Azakir

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

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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.

• Saudi and UAE remittances to Pakistan hit $125m in Ramadan
• UAE remittance fee to rise 15% for first time in five years
• Saudi remittance levels to reach $43bn by 2028

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. The latest quarter saw 1.6 million taking up employment in Saudi Arabia, the report said.