Finance
Remittances July remittance hits five-month low as country records inflow of USD 187 crore
Dhaka, August 3: In July this year, the remittances sent by the expatriates to the country were USD 187 crore 14 lakh 90 thousand or 1.87 billion US dollars, which is Tk 15,907 crore. In June, the country had received 6.93 crore dollars more.
The country had also received 27.97 percent more remittances during the same period (July) last year (2020). In July last year, remittances to the country came to USD 259 crore 82 lakh.
This is the lowest remittances recorded in five months.
Meanwhile, experts are analyzing the sudden decline in expatriate income in various ways. They say the third wave of corona is causing lockdowns in many countries. As a result, the income of expatriates has also decreased. Due to these reasons, remittance sending has decreased a bit.
According to the updated report of Bangladesh Bank, the expatriates sent remittances of 187 crore 14 lakh 90 thousand US dollars in the recently concluded July.
In July, remittances from state-owned banks reached 43 crore 18 lakh USD and 3 crore 22 lakh USD came from two specialized banks.
Remittances of 140 crore 12 lakh USD came through private banks and 61 lakh USD came through foreign banks.
Most of the remittances have been drawn through private sector Islami Bank. Remittances through this bank came to 55 crore USD. Then there is Dutch-Bangla Bank. Remittances through this bank came to 22 crore 91 lakh USD.
Besides, remittances of 19 crore 48 lakh USD came through state-owned Agrani Bank, 11 crore 75 lakh USD through Sonali Bank and 5 crore 92 lakh through Janata Bank.
In the just-concluded 2020-21 fiscal year, remittances of 2,477 crore 77 lakh USD came to the country, which is 36.10 percent more than the previous fiscal year (2019-20).
In the fiscal year 2019-20, remittances of 1,820 crore USD came to the country. As per the financial year, the highest remittance has come in the fiscal year 2020-21.
Meanwhile, when asked about the sudden decline in expatriate income in July, Salehuddin Ahmed, former governor of Bangladesh Bank, said that the lockdown is going on in many countries due to the third wave of Covid-19. As a result, work is stopped in many organizations. This has reduced the income of expatriates. Due to these reasons, remittance sending has decreased a bit. However, the income will also increase when work increases.
