Remittance flow spectacular

Send money through legal channel

Published : 28 Mar 2023 08:34 PM

Remittance inflow has increased ahead of Eid-ul-Fitr as Bangladesh received $ 1.60 billion remittance from 01- 24 in March. Bangladesh Bank (BB) is expecting that the figure will exceed as expatriates are sending additional money for their relatives and near and dear ones ahead of Eid-ul Fitr. On an average around $66.55 million came every day in March against $53.37 million every day in February.

The central bank has taken various initiatives to increase remittances through banking channels. It has also requested the Bangladesh expatriates living different foreign countries not to send remittances through hundi or any other illegal means.

Remittance inflows usually increase during the two Eids, Bengali New Year and the last month of the year.  There are two big religious festivals coming up Eid-ul-Fitr and Eid-ul-Azha. Expatriates send additional money for their relatives and near and dear ones on these occasions. 

Our expatriates should send

 their hard- earned money 

through proper channels

Remittance from expatriates, one of the main sources of foreign exchange reserves, has started to increase again after various measures taken by Bangladesh Bank, including tough steps against illegal hundi money transferring business. Therefore, selling, buying, business and cash transaction will increase significantly centring the holy Ramadan, Pahela Baishakh, and the biggest festival of Eid ul-Fitr this time.

Our domestic economy is booming in the festival time as special consumption demand is created among the consumers, even some of them are  purchasing 80 per cent of their whole year’s need of clothes, footwear, perfume and cosmetic items, etc. during the festival.

Our expatriates should send their hard earned money through proper channels as the government is ensuring all facilities for remittance transactions. If they (expatriates) send their money through proper channels, they will not incur losses. 

We need to increase remittance inflow and we need the cooperation of the expatriates for that.