Remittances to Bangladesh are on course to surpass US$3 billion this March, a monthly record, in a boost for the interim government as it struggles to stabilise the economy, replenish foreign reserves and restore public confidence after the uprising that ousted former prime minister Sheikh Hasina.
As of Wednesday, remittance inflows had reached US$2.94 billion, according to the central bank, with daily averages of US$113 million indicating the month’s total will comfortably exceed the US$3 billion mark.
This milestone marks the eighth consecutive month of remittances exceeding US$2 billion, showing the sustained support of Bangladesh’s estimated 10 million-strong overseas workforce for their families back home, many of whom are grappling with economic uncertainty since Hasina’s government collapsed in August last year.
The numbers reinforce the enduring importance of Bangladesh’s migrant workers – dubbed “remittance warriors” – who sustain industries as diverse as container shipping, Gulf construction, Maldivian resorts and Malaysian factories.
Unofficial estimates, based on government and UN data, suggest remittances may directly or indirectly support some 50 million Bangladeshis, nearly one-third of the population.