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Expatriate Bangladeshis continue to send remittances despite the coronavirus epidemic. At the end of November, they sent remittances of 206 crore 8 lakh US dollars (16,630 crore in Bangladeshi currency). In the first five months of the current financial year (July-November), remittances to the country reached 1,904.4 million dollars (92,046 crore in Bangladeshi currency). The foreign exchange reserves of the Bangladesh Bank 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 £ 41 billion or £ 4.1 billion (Rs 3.46,843 crore in Bangladeshi currency). This calculation has been made at 74.82 rupees per dollar. According to the Bank of Bangladesh, 52.35 million rupees or 33.6 percent more than in the same period last year. In November last year, expatriates sent remittances of 155 crore 52 lakh dollars. And in the same period last financial year, remittances reached 61 crore 72 lakh dollars (75,445 crore in Bangladeshi currency). As such, expatriate income growth in the first five months of the current fiscal year stood at 41.32 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. At the same time, due to the crown outbreak, the government is providing remittances of প্র 5,000 or around Tk 5 lakh to expats to ease the recession.
According to the Bank of Bangladesh, in the last fiscal year 2019-20, expatriates sent a total amount of 1,620.49 million dollars to the country. In national currency, the amount is one lakh 54,405 crore rupees. Never before has so much money flowed into the country. In fiscal year 2018-19, a record number of remittances were collected in the country. At that time, expatriates sent remittances of $ 1.642 billion. As a result, remittances have increased by 16 crore 53 lakh or 15 thousand crore taka in the fiscal year just ended compared to the previous year.
Read more: The price of gold is 116 rupees per gram.
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 equal 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 eight months. At the end of October, the country’s foreign exchange reserves surpassed £ 41 billion. At the end of November last year, foreign exchange reserves were US $ 31.629 billion.
A third of the remittances received in the last five months came from Islami Bank. Regarding the increase in remittances, Mahbubul Alam, the bank’s managing director and chief executive, said that the hundi has dropped sharply 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 the crown, remittances such as import and export were also expected to decline. But that did not happen, which has brought good results for the economy.
Ittefaq / UB
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