Reversal News Desk,
The United States has been the top remittance sending country for three consecutive months. After the political change in the country last August, the inflow of remittances from the United States has increased. As a result, the United States has surpassed the Middle Eastern country of the United Arab Emirates (UAE) to become the country sending the highest remittances.
Bangladesh Bank has recently published a detailed report on expatriate income for the three months of September to November of the current 2024-25 fiscal year.
It shows that about 1.4 billion US dollars in expatriate income came from the United States in those three months. The United Arab Emirates or UAE, which is in second place on this list, received 990 million dollars in expatriate income during the three months of September to November.
The top ten countries in terms of sending expatriate income are Saudi Arabia, Malaysia, the United Kingdom, Kuwait, Italy, Oman, Qatar and Singapore, respectively.
According to Bangladesh Bank, in August, the US received $293.4 million in remittances. In September, it increased to about $390 million. In a month, the country’s remittances grew by more than 34 percent. In October, it increased further to $500 million. In October, the US remittances grew by more than 28 percent compared to September. In November, it increased to $511.9 million.
In August, the United Arab Emirates was the country that sent the highest remittances to the country. In that month, the country received $340 million, which was $50 million more than the US. In September, the US surpassed the UAE in remittances. In September, the UAE received $360 million. In the same month, the US received $390 million. Then, the UAE’s remittances decreased in October and November. In October, the country received $330 million. In November, it decreased further to $290 million.
Regarding the reason for the increase in expatriate income from the United States, top executives of several banks and officials involved in collecting expatriate income said that there has been a major change in expatriate income around the world. Now, large global institutions that send expatriate income buy expatriate income from small institutions in different countries. Later, they collect those incomes and send them from a specific country to the destination country. Large institutions including Western Union and MoneyGram collect and send expatriate income in an aggregated manner. As a result, the amount of expatriate income coming from the United States is seen to be increasing continuously. This is because the institutions that send remittances are sending expatriate income to different countries from the United States. As a result, the name of the United States is being recorded in the documents as the source country of expatriate income.
