Remittances reached $160 m in March

Staff Correspondent: Remittances, an important indicator of the economy, fell sharply in February this year. Even in the midst of the epidemic, the income of expatriates, which has been on the rise in the last financial year, shows the opposite picture in the month. However, remittances turned around again in the following month, the newly departed March. In March, expatriate Bangladeshis sent a total of $ 160 million in remittances to the country. Tk 15,996 crore in local currency (equivalent to Tk 86 per dollar).
Industry insiders say trade has flourished in the wake of the global epidemic. Travel with the outside world has increased, including education, medicine, and travel. As a result, the demand for banking channels has increased. Moreover, on the occasion of Holy Ramadan, the expatriates have sent their savings to their families. As a result, the flow of remittances through legal channels has increased in March of the current financial year.
According to the Bangladesh Bank, $160 million or Tk 15,998 crore came to the country in March, which was $149 million remittances sent by expatriates in February of the previous month, which is ? 360 million or Tk 3,174 crore more in March than in February. Compared to the same month last year (March 2020-21), it has come down by $50 million or Tk 430 crore.
In March last year, the expatriates sent 191 crore dollars 16 thousand 428 crore taka to the country. In the first month of this year (2022), in January, the expatriates sent $160 million dollars or Tk 14,720 crore.
Bankers say the government has recently raised the incentive for expatriates to 2.5 per cent from the previous 2 per cent. Expatriates are being encouraged to send money to the country legally. Besides, expatriates are sending money for their families on the occasion of Ramadan and Eid-ul-Fitr. Expatriate income is increasing, there is a possibility of further increase in the future.
According to the report, remittances in the first six months of the fiscal year 2021-22 (July-March) amounted to US$1,530 crore (Tk 6 per dollar in Bangladeshi currency amounting to Tk 1,31,560 crore), compared to $301 crore less in the same period of the previous fiscal. The dollar is low. In the first nine months of the fiscal year 2020-21, remittances came to $1,631 crore or Tk 1,056,046 crore.