Remittance flows up, $1.73 billion received in 25 days

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The increase in the flow of remittances brings hope to stabilize the volatile dollar market as large sums have been sent in the first two months of the current fiscal year.

It crossed the two billion mark in July and the trend seems to continue in August as well.

Expats sent around $1.73 billion through the banking channel in the first 25 days of this month.

This data was revealed in the latest Bangladesh Bank report on August 28 regarding remittances.

If the current trend continues, expatriate income is expected to reach $2.14 billion by the end of the month, expert analysts at the central bank estimate.

Compared to August 2021, the figure was $1.81 billion.

According to the latest data, in the first 25 days of August, remittances through five state-owned commercial banks reached $315 million.

About $1.4 billion went through private commercial banks (PCBs) and another $6.4 million came through foreign commercial banks (FCBs).

Islami Bank Bangladesh received the highest amount to date with a total amount of $356.2 million.

Agrani Bank and City Bank received around $110 million each, while Dutch Bangla Bank received around $95.4 million and Rupali Bank received $93.5 million.

At the time discussed, expatriates did not send any remittances through BDBL, which is a state-owned commercial bank.

Rajshahi Krishi Unnayan Bank, which is a state-owned specialty bank, also received no remittances.

Bank Al-Falah, Habib Bank, National Bank of Pakistan and State Bank of India were also on this list as FCB.

Previously, in the last month of July, expats sent $2.09 billion into the country, about $260 million more than in June.

In June, $1.83 billion was paid out.

According to central bank data, in FY22 expatriates sent remittances worth $21.3 billion to the country through formal banking channels, or 15.11 % less than the previous year.

In FY21, expats sent remittances worth $24.77 billion.

According to the latest data, the country’s foreign exchange reserve is 39.36 billion dollars.

With this foreign currency, it is possible to meet the import expenses for about four and a half months, because the import expenses are 8 billion dollars per month.

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