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A 2 percent incentive is being provided for sending remittances through banking channels. Remittances have been growing at a dizzying rate since this incentive. Even in Corona, there was no interruption in the pace of remittances. In the last year of goodbye, Bangladesh has set a unique record in collecting remittances. In one year, the highest remittance in history came in 2020. The amount is around 22 billion dollars. According to the Bank of Bangladesh, expatriates have sent more remittances during the Corona period than usual.
As of July 1, 2019, a 2 percent incentive is being granted for sending remittances to banking channels. This facility has also been maintained in the current fiscal year. As a result of this incentive, remittances have been increasing month by month since the beginning of the 2019-20 financial year. Bangladesh Bank officials also say that this unique record in remittances has been achieved thanks to the magic of cash incentives.
Remittances were expected to decline as migrant workers lost their jobs or were unable to find work due to the crown blockade. But despite the decline in remittances last April due to the impact of the epidemic, the upward trend has continued since then. So it was thought that Bangladeshi expats could be sending more money to their relatives even in times of trouble due to Eid. However, remittances were expected to decline after Eid al-Adha. But even after Eid-ul-Adha, remittances did not decline but rather increased at a stormy pace.
Mohammad Shams-ul Islam, MD of the state-owned Agrani Bank, told Kaler Kanth: “At one point, between 30 and 40 percent of remittances were arriving in hundi. The hundi has now been reduced due to various measures taken by the central bank. It has been reduced considerably since the launch of Kavid-19. As a result, remittances to banking channels are increasing. He added: “Once those who have started sending money through the banking channels, if they can be given a little better service, they will send money through the banks. I don’t think I will sink again. In addition, the government should continue with its incentives to maintain the growth of remittances and to send skilled labor abroad.
Last December, a large amount of remittances arrived in the country. The amount is 205 crore 6 lakh dollars. In November of the previous month, remittances reached more, 206 crore 8 lakh dollars. Its previous month set a record for the third-highest remittance in the country’s history in a single month. In that month, remittances reached 210 crore 21 lakh dollars. Furthermore, the second highest shipment of £ 215.10 million came in September as a single month. July is the month with the highest amount of remittances ever. The amount of remittances received in that month was 259 crore 72 lakh dollars.
In total, expatriates have sent remittances worth হাজার 2,164.16 billion (২১ 21.84 billion) to the country throughout the 2020 period (January-December). Never before have so many remittances arrived in Bangladesh. That’s around £ 3.40bn, or 16.60 per cent more than the previous year. In 2019, remittances to the country reached 1,633 crore 22 lakh (16.33 billion) dollars.
Meanwhile, in the first six months of this fiscal year (July-December), remittances grew 36.60 percent. At this time, remittances reached the country 1,294 crore 48 lakh dollars. At the same time, last fiscal year, remittances to the country amounted to কোটি 940.63 billion.
On the other hand, record after record is being set in the country’s remittance-based foreign exchange reserves. On December 30, bookings exceeded 43 billion pounds, beating all previous records. On that day, the amount of reserves in the country was 43,180 million or 4,316 million rupees. With this reservation it is possible to cover the import cost for more than 10 months. The increase in remittances has caused a surplus of dollars in the banks. To do this, Bangladesh Bank is trying to maintain the normal price by buying dollars.
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