Finance
Remittance Expatriate income increases
Dhaka, February 2: In the midst of the dollar crisis, there is a breath of fresh air in expatriate income. In the first month of this year, January, remittances of 195.88 crore dollars have arrived. In Bangladeshi currency (with per dollar as 107 taka) this amount is more than 20 thousand 959 crore taka. That means more than 6.31 crore dollars have come every day. In the previous month, the remittance of 169 crore dollars came in December. This information is known from the report of Bangladesh Bank.
Meanwhile, the severe crisis of dollars in the country has been going on for a long time. In addition to discouraging the import of luxury goods, the central bank has taken various steps to overcome the crisis. However, the crisis does not end quickly. Meanwhile, Bangladesh Bank is constantly providing dollar support from foreign currency reserves to eliminate the dollar crisis. Basically, this dollar assistance is being given to meet urgent import obligations.
Despite this, goods worth billions of rupees are stuck. Many banks in the country are failing to meet the needs of importers due to the dollar crisis. To solve these problems, the central bank has sold more than 850 crore dollars from reserves in seven months (July-January) of the fiscal year 2022-23. Never before in the history of the country has such amount of dollars been sold from the reserve in the entire financial year.
Regarding the increase in remittances, a senior official of the relevant department of Bangladesh Bank said that Bangladesh Bank is encouraging expatriates to send remittances through legal channels. For this reason, incentives in remittances have also been increased. Various initiatives taken by the central bank are working. Now legal remittances have started increasing.
He said, we have two religious festivals (Eidul Fitr and Eidul Azaha) ahead of us. The flow of remittances will increase due to these two festivals. Because expatriates send more money for their family's purchases at this time. In this, the country's dollar crisis will also be reduced, foreign exchange reserves will also return to a positive trend.
According to the report of the central bank, remittances of 195.88 crore dollars have arrived in the country in January. The previous month in December came 169.97 crore dollars. According to that, in January, 25.91 crore dollars more remittances came than last month. 25.43 crore dollars more than the same period last year. In the month of January 2022, remittances came to 170.45 crore dollars.
