$2.2b June remittance single month highest in 3 years

Home bound remittance from Bangladeshi migrants in June has been the highest for the single month in three years. The amount in June was $2.2 billion which is the highest for a single month in three years. Earlier, the highest remittance inflow was $2.6 billion in July 2020.

According to Bangladesh Bank, in the same month of last year i.e. June, expatriate income came to $1.84 billion. According to that, the growth of expatriate income has been about 20 per cent.

In recent times, July 2020 saw the highest number of expatriate inflows to the country. However, the hundi was closed due to the suspension of transport due to the coronavirus pandemic at that time in 2020. As a result, the amount of expatriate income that came through legal channels increased.

Bank officials say that the banks had stopped buying expatriate income at prices higher than those announced by the central bank.

However, due to the crisis and the debt repayment pressure of foreign banks, supervision was quite lax in the outgoing months.

As a result, some banks buy expatriate income dollars at a higher price than the fixed price. It has increased expatriate income. However, some banks are forced to sell dollars to Bangladesh Bank for this.

According to Central Bank data, expatriates remitted was nearly $ 202 million from June 1-25. In the next five days it increased to $2.2 billion. The country's expatriate income was $1.69 billion in May last.

According to Bangladesh Bank data, expatriate income of around $1.84 billion came into the country in June last year. $1.94 billion came in June 2021, $1.37 billion and $1.83 billion in June 2019 and 2020 respectively.

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