Bangladesh received $2.97 billion in remittances in May 2025—its second-highest monthly inflow on record—offering a timely boost to an economy grappling with foreign exchange pressure.

Data released Sunday by the Bangladesh Bank shows a 31.71% year-on-year increase from $2.26 billion in May 2024. The figure follows the record $3.30 billion remitted in March 2025.

Remittances for the first 11 months of FY25 reached $27.51 billion, marking a 28.69% rise from $21.37 billion in the same period last fiscal year. The year-on-year growth amounts to a $6.13 billion increase.

Officials attribute the surge to seasonal factors, particularly ahead of Eid-ul-Azha, when expatriate Bangladeshis traditionally send more money home. May’s inflows were also up 7.91% compared to April.

A central bank official, speaking anonymously, noted that the recent depreciation of the taka under a new market-based exchange rate regime further incentivised remittance through formal banking channels.

“These are the two major factors contributing to the remittance buildup,” the official said, adding that the inflow will strengthen the country’s foreign exchange reserves.

As of June 1, Bangladesh’s forex reserves are $25.77 billion under the central bank’s calculation, or $20.50 billion under the IMF’s reserve assessment.