B Mirror Report:   Bangladesh received a record $3.17 billion in remittances from overseas Bangladeshis in January this year, marking a 45 percent increase compared to the same month last year.

Bankers attributed the surge to several factors, including the upcoming national election scheduled for February 12. Relatives of candidates often send money home to support election campaigns, they noted.

Another contributing factor is the approaching holy month of Ramadan, which is expected to begin shortly after the polls. Historically, migrant workers send higher amounts of money home during this period compared to other months.

Bankers also highlighted that a growing number of expatriates are using formal banking channels, while informal transfer routes have siphoned off less money following the political transition in August 2024.

Cumulative remittance inflows during the first seven months of the current fiscal year (July–January) reached $19.44 billion, up from $15.96 billion in the same period last fiscal year, representing a year-on-year growth of 21.8 percent.