In January, nearly half of the total remittance inflow to Bangladesh, approximately 45%, came through five major banks, according to the latest report from Bangladesh Bank. These banks are Islami Bank, Sonali Bank, Brac Bank, Trust Bank, and Agrani Bank. The total remittance inflow for January was $2.18 billion, with $920 million, or 42%, routed through these five banks.
The report revealed that there were some shifts in the rankings of these banks compared to December. In December, Agrani Bank was second in terms of remittance inflow, receiving $264.8 million. However, in January, Agrani Bank dropped to the fifth position, with a decrease in remittance inflow to $135 million, nearly halving from the previous month.
With Agrani Bank moving down, Sonali Bank, the largest state-owned bank, moved up to second position, receiving $180 million in January, down from $210 million in December. Despite a decrease, Sonali Bank retained its second spot among the top five remittance-earning banks.
Private-sector Brac Bank saw an improvement, moving up to third place in January, with a remittance inflow of $162.7 million, although this was a slight decrease from $193.2 million in December.
Similarly, Trust Bank, another private-sector bank, saw an improvement, moving up to fourth place with $161.5 million in January, compared to $184.4 million in December.
Islami Bank maintained its leadership in remittance inflows, receiving $282.2 million in January, despite a drop from $370 million in December. Islami Bank’s continued top position is attributed to its strong presence in labor-exporting countries, especially in the Middle East, where it has a larger customer base than any other bank. Its Shariah-compliant banking system has made it a preferred choice for many Bangladeshi expatriates.
Overall, the total remittance inflow to Bangladesh in January was $2.185 billion, a decline of $450 million or about 17% compared to December’s $2.64 billion. Despite the decrease, experts believe that remittance inflows have consistently remained above $2 billion, which is considered a positive sign for the country’s economy.
