Bangladesh receives the highest amount of remittances from UAE

In the first ten months of the current fiscal year, Bangladesh experienced a notable increase in remittances from the United Arab Emirates (UAE), surpassing traditional leaders like Saudi Arabia and the United States. UAE-based remitters sent $3.65 billion, marking a 52% rise from the previous year and constituting 19% of the total $19.11 billion remitted by migrant workers during this period. This surge is seen as a significant boost to Bangladesh's economy, which has been grappling with foreign currency reserves challenges. However, concerns have been raised about whether some of this money might be returning as remittances after being illegally smuggled out of Bangladesh, potentially to benefit from incentives aimed at formalizing such funds. Despite Saudi Arabia historically being a larger destination for Bangladeshi workers, the UAE has emerged as the top remittance sender since the beginning of the fiscal year.