Expatriate income or remittance increased in October compared to the previous month. In the recently concluded month of October, expatriates sent remittances of 197 million dollars to the country through banking channels. Which is 65 million dollars more than the previous month.
This information was found in the updated report of the central bank on Wednesday (01 November).
Now the banks are able to buy dollars at a higher price to reduce the foreign exchange crisis. With the government’s 2.5 percent incentive on expatriate income, banks are able to buy dollars at a 2.5 percent higher rate. That is, expatriates are getting a total of 5 percent incentive. As a result, remittances are coming to the country through legal means. Due to which remittance flow increased slightly.
According to the data of the central bank, out of the 197.76 million US dollars received in October, 15.45 million dollars came through state-owned banks, 5.82 million dollars came through a specialized bank, 1.7588.6 million dollars came through private banks and foreign banks. 6 million US dollars have arrived.
Before this, expatriates sent remittances of 133.44 million dollars last September. As a single month that was the lowest in three and a half years or 41 months. 152 million 55 million dollars came in October 2022. Earlier, in April 2020, $109 million remittances came.