Home Bank & Finance UAE tops in remittances inflow
Bank & Finance - January 17, 2024

UAE tops in remittances inflow

Staff Correspondent : Remittance is the second sector of foreign exchange earnings of the country. Expatriates are contributing to the development of the country by sending remittances. Expatriate income shows some glimmer of hope amid dollar crisis. In the first six months (July-December) of the current fiscal year 2023-24, remittances have reached $1,790 million. In these six months, UAE expatriates have sent the highest remittances to the United States and Saudi Arabia.
In the same period of the previous financial year, Bangladeshi diaspora sent remittances of $149 million. Accordingly, remittances increased by $300 million in the first 6 months of the current financial year. Such information has emerged in the latest updated report of Bangladesh Bank.
According to the data of Bangladesh Bank, expatriates have sent a total of $1,079 million in remittances between July and September of the current financial year. At this time, the maximum $197.83 million came from the United Arab Emirates. During the entire previous fiscal year, remittances from the country were $303.38 million.

Discussion Saudi Arabia ranks second in the list of expatriate income remittances at this time. In the first six months of the fiscal year, Saudi expatriates sent $142.56 million. During the entire fiscal year 2022-23, remittances from this country were $376.52 crore. Saudi expatriates sent the highest remittances in the previous financial year.
The United Kingdom ranks third in the list of dollars sent to the country. $136.98 million came from the country during July-December. The country was ranked fourth in the list of remittances sent during the entire period of the previous financial year. At that time, the total remittance from the country was $208.04 million.
Expatriates sent remittances worth $199 million in December last year. The previous year in December 2022, remittances were $1.7 billion. That is, compared to the same month of the previous year, the remittance increased by $29 million.
During the entire year ended, expatriates sent remittances to the country worth $2,192 million. Which is $63 million more than the previous year. In 2022, the remittance came to $2,129 million.
Before this, in the last financial year 2022-23, total remittances came to $2,161.07 crore. In the previous financial year 2021-2022, the total remittance came to $2,103.17 crore. The highest remittances were collected in the financial year 2020-21. The amount of which was $2,477.77million.
In the first six months of the current financial year, the highest remittances came in the month of December. Expatriates sent $198.98 million in the month just ended.
Earlier in June 2023, expatriates sent remittances of $219 million. This is the highest remittance so far in a single month in the last two fiscal years.
According to the data of Bangladesh Bank, expatriates of Dhaka division sent the most remittances during July-October. And the lowest remittance came from Rangpur division. Discussion: At this time, expatriates sent remittances to 13 districts of Dhaka Division amounting to $423.69 million. Among these, the largest amount of remittances came to Dhaka district, amounting to more than $3.63 billion. And expatriates of eight districts of Rangpur have sent $10.96 million. Rangpur district received the highest amount of remittances in this category, amounting to $2.78 million.
Expatriates of 11 districts of Chittagong division sent remittances worth $305.43 million. Chittagong district has received the highest remittance in this category, which is $102.58 million. Comilla district received the second highest amount of $59.43 million in this category.
Expatriates of Sylhet Division sent $120.41 million. Expatriates of Sylhet district received the highest remittance in this category. The amount of which is $64 million. Sunamganj district collected the lowest expatriate income. The expatriates of this district have sent remittances equivalent to only $15 million.
The total expatriate income of 10 districts of Khulna division is $340.97 million. The highest remittance of this category came from Jessore district, amounting to $7.66 million. The minimum remittance of $2.22 crore has come to Narail district of this division. Apart from this, remittances of $27 million have come to Rajshahi division. Expatriates of Bogra district have sent the maximum remittance of $67 million in this department.
Besides, Barisal division received $21.52 million remittance. The highest remittance of this department is $9.46 crore in Barisal district. The expatriates of Jhalkathi district sent a minimum of $2.17 crore.
On the other hand, the combined expatriate income of the four districts of Mymensingh is $15.61 million. The highest remittance of this category came from Mymensingh district. The amount of which is $7.98 million. Sherpur district has got the lowest expatriate income here. The expatriates of the district sent remittances of only $1.31 crore in the first six months of the fiscal year.

Check Also

Inflation is main cause of soaring fuel oil prices

Oil price not adjusting with world market Mahfuz Emran: Crude oil prices are falling in th…