The government’s prompt actions are contributing to a rise in remittance inflows within the country. Due to the government incentive, there is a noticeable upward trend in remittance flow which is likely to reach USD 2 billion.
According to Bangladesh Bank statistics, the inflow of remittances has been continuing since October. In October, expatriates sent USD 1.98 billion, which was USD 1.93 billion the previous month. This trend is likely to cross the USD 2 billion mark within this month.
According to Bangladesh Bank data published on Sunday, in the first 22 days of this month, USD 1.57 billion of remittance came into the country. In other words a daily remittance of USD 7.13 million per day this month so far.
Out of this, USD 13.85 million came through state-owned banks, USD 5.47 million dollars through specialized banks, USD 1.37 billion through private banks, and USD 4.3 million through foreign banks.
If remittances came at this rate in the remaining six days of this month, the amount of remittances will exceed USD 2 billion and likely to stand at USD 2.21 billion.
Previously, the country’s remittance exceeded the USD 2 billion mark in June this year. The amount was USD 2.20 billion.
Economists and bankers believe that expatriates’ interest in using banking channels to send home money is increasing due to the 2.5 percent incentives of banks. Apart from this, many banks collect remittances at a higher price than the fixed price, so expatriate income is also increasing, they said.
Economist Dr M. Abu Yusuf said that expatriates who send money to the country through banking channels can be given honorary remittance cards. They (expatriates) will get preferential service at the airport and other places. If this can be ensured, the remittance flow will increase further.
Notably, In December last year, remittances of USD 1.69 billion came into the country. The daily average came in at USD 5.48 million.
