Bangladesh receives remittance of 10000 crore taka in 14 days

Every year in the month of Ramadan, remittances and expatriate incomes increase compared to normal times. This time is no exception. Expatriate Bangladeshis are sending more and more remittances since the beginning of fasting. As a result, money equal to 958.7 million US dollars has arrived in the country through legal or banking channels till the 14th of this April. In local currency (107 taka per dollar) which amounts to taka 10 thousand 258 crores.

This information was revealed in the updated statistics published by the central bank on Sunday (April 16).

After reviewing the data of the Central Bank, it was found that the remittances received in the first 14 days of this March were 958.69 million US dollars. Among them, 133.32 million dollars came through state-owned banks, 26.82 million dollars came through a specialized bank, 794.3 million dollars came through private banks and 3.322 million dollars came through foreign banks.

Before this, in the first 7 days of this April, remittances came in the amount of 476.89 million US dollars.

According to the data of the Central Bank, in the last month of March, 201 million 77 million dollars of remittances came to the country through legal means. In local currency (107 taka per dollar) which amounts to taka 21 thousand 589 crores. Which is 45 million 72 million dollars more than the previous month of February. Last February, remittances came in at 156 million 12 million dollars.

In addition, the remittance of March has increased by 8.49 percent or 15 million 80 million dollars compared to the month of March of the previous year (2022). In March last year, expatriate income was 185 million 97 million dollars.

In the first 9 months (July to March) of the financial year 2022-23, total remittances came in at USD 1,630 crore. In the same period of the previous financial year, remittances came in at 1,529 million dollars. During the period under discussion, remittances of US$ 740 million have come in excess.

In the outgoing fiscal year 2021-2022, the total remittance came to 2 thousand 103 crore 17 lakh US dollars. Earlier, the amount of remittance collection in the financial year 2020-21 was 2 thousand 477 crore 77 million US dollars.

The central bank has taken various initiatives to increase remittances. The central bank is encouraging various ways to send remittances through legal channels. The latter has relaxed the conditions for filling Form C to bring remittance income to the country in return for services. Besides, service sector entrepreneurs and exporters have been given the opportunity to bring 20 thousand US dollars or equivalent foreign currency into the country without declaration.

Among the steps taken to increase remittances are two and a half percent cash incentives against legitimate wage earners remittances, CIP honorarium to remittance senders, expansion and simplification of remittance disbursement process as well as investment and housing finance facilities for non-resident Bangladeshis, international money transfer operators under fintech systems. Encouraging setting up of drawing arrangements with Bangladesh Banks and waiving charges of banks or exchange houses for sending remittances.

Read More