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Despite the dollar crisis, remittances have returned to an upward trend

Despite the dollar crisis, remittances have returned to an upward trend
Despite the dollar crisis, remittances have returned to an upward trend

Special Correspondent

Dhaka: Remittance flows have returned to an upward trend. In the first ten days of this November, 794.4 million dollars remittances have come. On an average, daily remittances to the country are about 80 million dollars. If this trend continues, the record amount in the country may exceed 230 million dollars at the end of the month. This information was revealed in the updated report of Bangladesh Bank on Sunday (November 12).

According to the latest data of Bangladesh Bank, in the first 10 days of this November, 79.44 million dollars remittances have come. Among these remittances sent by expatriates, 4 crore 92 lakh 40 thousand dollars came through the state bank, 1 crore 94 lakh 50 thousand dollars through a specialized bank (BKB). Apart from this, 72 crore 32 lakh 60 thousand dollars came through private banks and 24 lakh 50 thousand dollars through foreign banks.

It is known that these remittances sent by expatriates are giving hope to the country’s economy amid the severe dollar crisis. The government has been giving two and a half percent incentives to expatriates who have overcome the dollar crisis if they send remittances through banking channels in advance. Banks have recently increased their incentive to get dollars. By doing this, expatriates have increased the amount of remittances sent through legal channels. Last September 1, ABB and Bafeda increased 50 paisa to every dollar in exports and remittances and fixed 110 taka 50 paisa. Along with this, it was announced that the banks will be able to give their own incentives in remittances.

Remittance not more than 115 rupees per dollar: Meanwhile, due to the dollar crisis, the open market sold up to 128 rupees per dollar last Thursday. Apart from this, in the previous few days, every dollar has risen between 120 and 125 rupees. Amidst this crisis of remittances, banks started giving incentives to remittances at will. After the news that some banks are paying more than 122 rupees against each dollar for remittance came in the media, the association of chief executives of banks ABB and BAFEDA, the association of foreign exchange banks, 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 Pravasi Aye Bank decided that the dollar price cannot be paid more than 115 rupees in any way with its own incentives.

Remittances based on different financial years: According to the Central Bank, the remittances for the financial year 2022-23 were $2,161 million. Prior to this, in 2021-22 financial year, expatriates sent remittances of 2 thousand 103 million dollars, in 2020-21 financial year 2 thousand 477 million dollars. In addition to this, one thousand 820 million US dollars in the financial year 2019-20, one thousand 631 million dollars in the financial year 2018-19, one thousand 498 million dollars in the financial year 2017-18, one thousand 276 million 94 million dollars in the financial year 2016-17, 2015-16 Expatriates sent remittances of 1 thousand 493 million dollars in the financial year and 1 thousand 531 million 69 million dollars in the financial year 2014-15.

Remittances as a calendar year: In 2022, expatriates sent remittances of $2,127 million or $21.27 billion. Earlier in 2021, expatriates sent a record amount of 2,078.5 million USD remittances. On the other hand, in 2020, they sent two thousand 174 million 18 million dollars remittance. In 2019, 1 thousand 833 million US dollars, 1 thousand 553 million 78 million dollars in 2018, 1 thousand 353 million dollars in 2017, 1 thousand 361 million dollars in 2016 and 1 thousand 531 million US dollars in 2015 came to the country.


Tags: dollar crisis remittances returned upward trend


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