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Expatriate income boosted during fasting

Md Magem Ali
March 27, 2023 2:07 pm
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More remittances came in 24 days than last month


Special Correspondent.Every year in the month of Ramadan, remittances and expatriate incomes increase compared to normal times. This time is no exception. Remittance flow increased at the beginning of fasting. As of March 24, money equivalent to about $1.6 billion has arrived in the country through legal or banking channels. According to this, the daily average is 6 crore 66 million dollars.

In March last year, the average daily remittances were about 60 million dollars. If the current trend continues, remittances will leave 2 billion dollars at the end of this month. This information was revealed in the updated statistics published by the Central Bank on Monday (March 27).

After reviewing the data of the Central Bank, it was found that the remittances received in the first 24 days of this month were 159 million 75 million 30 thousand US dollars. Among them, 195.56 million 70 thousand dollars through state-owned banks, 3 million 54 million 70 thousand US dollars through a specialized bank, 136 million 15 million 40 thousand dollars through private banks and 48 million 50 thousand US dollars through foreign banks.

Fahmida Khatun, executive director of the private research organization Center for Policy Dialogue (CPD), said in a press conference on Monday that there was a negative trend in expatriate income for a long time, but now there is a positive trend. However, remittances are not coming to the country at the rate at which manpower is being exported. It is necessary to look into why it is not coming.

He said that now two and a half percent incentive is being given. Incentives have not yielded much benefit. So how long will this incentive remain, or will it be withdrawn, we have to wonder now.

The central bank has taken various initiatives to increase remittances. The central bank is encouraging various ways to send remittances through legitimate channels. The latter has relaxed the conditions for filling Form C to bring remittance income to the country in return for services. Besides, service sector entrepreneurs and exporters have been given the opportunity to bring 20 thousand US dollars or equivalent foreign currency into the country without declaration.

Steps taken to increase remittances include two and a half percent cash incentives against legitimate wage earners remittances, CIP honorarium to remittance senders, expansion and simplification of remittance disbursement process as well as investment and housing finance facilities for non-resident Bangladeshis, international money transfers under fintech systems. Encouraging operators to set up drawing arrangements with Bangladesh Banks and waiving charges of banks or exchange houses for sending remittances.

According to the data of the Central Bank, in February, remittances to the country reached 156 million 12 million 60 thousand US dollars. In the first 8 months (July to February) of the financial year 2022-23, the total remittance received was 1,401,330,000 US dollars. In the same period of the previous financial year, remittances came in at 1,343,850,000 US dollars. Remittances of 57.48 million US dollars have come in during the period under discussion.