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Remittances sent by expatriates in different countries arrive as flood water. The amount of remittances received in the first three months of the last fiscal year was .6 148.63 million rupees more than in the first two and a half months of this fiscal year. This information has been highlighted in the Bangladesh Bank update report. The country’s foreign exchange reserves have increased due to remittances. The reserve has exceeded £ 39 billion, beating all previous records.
According to the Bangladesh Bank report, expatriates have sent more remittances during the Corona period than usual. It is seen that in the two and a half months of the financial year, expatriates have sent around 6 billion (599 crore 75 lakh) dollars (50 thousand 650 crore taka in Bangladeshi currency) to the country. This figure is one and a half times higher than the same period last year.
Banks have seen a dollar surplus in the coronavirus due to increased income from expats. To do this, Bangladesh Bank is trying to maintain the normal price by buying dollars. Meanwhile, the rupee has strengthened against the dollar. For a long time, the central bank had kept the price at Tk 64.95 per dollar, but now it has dropped to Tk 84.80. Not only that, due to the increase in remittance inflows, the economy in Corona has begun to take a turn. Millions of families in the country work with this money from remittances. Due to these remittances, small businesses are also being produced.
Economists had speculated that remittance inflows would decline after Eid al-Adha. But the reality is that the flow of remittances increases every month.
According to the Central Bank, expatriate Bangladeshis have sent around 143 crore 44 lakh (1.43 billion) dollars in the first 18 days of September. This figure is almost the same as the full month of September last year. In September 2019, remittances sent by expatriates amounted to £ 148.69 billion.
As for the Bank of Bangladesh, expatriates sent ২০১ 451.92 billion in the first three months of the 2019-20 fiscal year. And in the two and a half months of the 2020-21 fiscal year (July 1 to September 17), remittances of 599 crore 75 lakh have arrived.
The reason for the increase in remittances is the closure of hundi and the government’s two percent cash incentive. In addition, the form to send remittances has been provided.
Ahsan H. Mansoor, executive director of the Policy Research Institute (PRI), a private research institute, said that more remittances came from Europe and America than ever. He said it was a good long-term sign. However, he said that remittances from Middle Eastern countries are also registered due to remittances sent by those who are counting the days to return to the country. Along with this, remittances to banking channels have also increased due to the 2 percent reduction of the hundi by incentives and long-term closure of airlines, he said.
According to the Bank of Bangladesh, in the first month of the fiscal year, in July, expatriates sent remittances worth US $ 259.95 million. Never before in the history of Bangladesh, in a single month, have there been so many remittances. Not only that, the story goes that twenty years ago, in the entire period (12 months) of the financial year 2001-02, remittances reached 250 crore 11 lakh dollars. In July alone, expats sent more than $ 259.95 million in remittances. In August of the following month, expatriates sent remittances of $ 197.39 crore.
Meanwhile, the country’s foreign exchange reserves have increased due to remittances. The reserve has exceeded £ 39 billion, beating all previous records. Money sent for around 1 Bangladeshi crore in different countries plays an important role in the economy of the country. The contribution of this remittance to the country’s GDP is around 12 percent.
According to the Bank of Bangladesh, remittances to Bangladesh reached 458.34 billion pounds sterling in the first two months of this fiscal year (July-August), which is 50 percent more than in the same period of the previous fiscal year.
The government has announced an incentive at the rate of 2 percent like last year to increase the income of expatriates legally. According to him, from July 1, expats will receive an incentive of 2 Tk for every 100 rupees. The budget has allocated Tk 3,060 crore for this. In addition, some banks offer 1 percent more incentives.
In fact, in fiscal year 2019-20, a total of 1,620 crore 30 lakh ($ 16.20 billion) in remittances were sent by expatriates residing in different countries. That figure was 10.6 percent more than the previous fiscal 2018-19 year.
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