Average daily remittances are 8 million dollars

Own Reporter: The remittance wheel of the country has been activated again with the announcement of double incentives. In the first 10 days of the current month of November, remittances of about 794 million dollars have arrived in the country. An average of about 8 crores (7.94 crores) dollars is coming every day. If this flow of remittances continues, it may exceed a record $2.3 billion by the end of the month. Last August, remittances crossed two billion dollars in a single month. According to the latest report of Bangladesh Bank, this information has emerged.

According to the data of the central bank, out of the 794 million dollars remittance received in the first 10 days of November, 4 million 92 million 40 thousand dollars came through the state bank, 1 million 94 million 50 thousand dollars through a specialized bank (BKB). Besides, 72 crore 32 lakh 60 thousand dollars came through private banks and 24 lakh 50 thousand dollars through foreign banks. No remittance has come through 10 banks during this time.

Industry stakeholders say that the highest remittances came through the banking channel in 2020 due to the closure of Hundi. In the outgoing fiscal year 2022-23, expatriates sent remittances of USD 2,161 million through banking channels. Which is the second highest ever in any fiscal year. Earlier, during the corona period, the maximum remittance of 2 thousand 477 million dollars came to the country in the financial year 2020-21.

Not more than 115 rupees per dollar of remittance: After the information of paying more than 122 rupees against each dollar in the case of remittances came to the media, the association of chief executives of banks ABB and association of foreign exchange banks BAFEDA held an emergency meeting. The two organizations took a new decision in a joint meeting last Wednesday (November 8). According to the decision, from now on, the dollar price cannot be paid more than 115 rupees in any case, including the Bank’s own incentives.

Meanwhile, the dollar crisis is not going away even with various initiatives. On the contrary, the price of the dollar is increasing. ABB and Bafeda increased export and remittance by 50 paisa on September 1 and fixed 110 taka 50 paisa on every dollar. With this, it is said that the banks will be able to give their own incentives in remittance. But most banks are not getting dollars at this price. Now many banks are buying dollars at the price of 122 taka 50 paisa.