Remittance has become a major contributor to the Bangladeshi economy. As the emigrant workers from Bangladesh gradually increased over the years, the amount of annual remittance to the country significantly rose. According to World Bank, Bangladesh is now one of the largest recipients of remittance with almost $15.3 billion in 2018. It was third highest recipient of remittance in South Asia in 2018.
In Bangladesh, Remittances refers to inflows of migrants’ and short-term employee income transfers. Remittances from more than 10 million citizens abroad are very important for Bangladesh and along with garment exports are key source of foreign exchange. Saudi Arabia has been the largest source of remittances, followed by UAE, Qatar, Oman, Bahrain, Kuwait, Libya, Iraq, Singapore, Malaysia, the US and the UK.
Remittances in Bangladesh averaged 1234.37 USD Million from 2012 until 2019, reaching an all time high of 1748.16 USD Million in May of 2019 and a record low of 856.87 USD Million in September of 2017. This page provides the latest reported value for – Bangladesh Remittances – plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. source: Bangladesh Bank
Remittances in Bangladesh is expected to be 1595.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Remittances in Bangladesh to stand at 1731.00 in 12 months time. In the long-term, the Bangladesh Remittances is projected to trend around 2094.00 USD Million in 2020, according to our econometric models.