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In December, remittances reached £ 205 million, an increase of around 20 per cent from 2019.
Almost entirely by 2020, global economic activity has slowed due to the corona virus. Yet in the midst of this epidemic, expatriate Bangladeshis continued to send remittances. As a result, the amount of remittances has increased every month.
Last December, expatriates also sent remittances of 205 crore 08 lakh US dollars. As a result, remittances of ২ 1,294.44 million rupees reached the country in the first six months of the current fiscal year (July-December). The currency amount of Bangladesh is 1 lakh 10 thousand 30 crore rupees. The Bangladesh Bank’s foreign exchange reserves are in a positive position due to strong remittance inflows. According to the latest data from the Bank of Bangladesh, the country’s reserves have exceeded £ 43 billion.
According to the Bank of Bangladesh, expatriates sent remittances worth $ 205.06 million in December. In Bangladeshi currency, the amount is 16,430 crore rupees (75 rupees per dollar). Which is $ 359 million or 21.22 percent more than in the same period last year. In December last year, expatriates sent remittances worth 179.16 million. And in November, expats sent 206 crore 8 lakh US dollars. Meanwhile, from January to December 2020, 2,174 crore 17 lakh arrived. At the same time, last year, the amount was 1,620 crore 50 million dollars. As a result, remittances increased 19.42 percent in the last year.
In the first six months of the current financial year, remittances reached ২ 1,294.44 crore. During the same period in the last financial year, remittances reached 940 crore 79 lakh dollars. As such, expatriate income growth in the first six months of the current fiscal year stood at 36.70 percent.
Incentives at a 2 percent rate were announced in the 2019-20 fiscal year budget. The government decided to increase the income of expatriates legally. According to him, since July 1 last year, expats receive an incentive of 2 Tk for every 100 rupees sent to the banking channel. As a result, remittances are also setting a record in Corona.
The government is providing remittances of ড 5,000 or around Tk 5 lakh to expatriates to ease the recession due to the Corona outbreak. Previously, cash assistance of up to Rs 1.5 lakh was provided without any examination.
Meanwhile, the Bank of Bangladesh facilitated the receipt of remittances last November. The remittance bank will verify the remittance documents at its own risk and send a ‘confirmation’ to the remittance receiving bank to release the incentive money as soon as possible. On this basis, the central bank has issued a notification that the receiving bank of the remittances will release the incentive money together with the remittance bank.
Due to the increase in remittances, the country’s foreign exchange reserves are also increasing. The increase in foreign exchange reserves indicates that the economy is strengthening. According to international standards, a country is considered risk-free if it has foreign exchange reserves equivalent to at least three months of import costs. With the amount of foreign exchange that Bangladesh now has, it is possible to cover the import cost for more than 10 months. Last December, foreign exchange reserves exceeded 43 billion US dollars.
A third of the remittances received during the epidemic came through Islami Bank. Regarding the increase in remittances, the bank’s managing director and chief executive, Mahbubul Alam, said that the hundi has dropped dramatically since Corona’s inception. As a result, the money has come through legal channels. Incentives for remittances are also one of the reasons, he said.
Executive Director of the Policy Research Institute (PRI). Ahsan H. Mansoor said that due to Corona, remittances as import-export were also expected to decline. But that did not happen. Which has brought good results for the economy.
Ittefaq / ZHD
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