Safiqul Islam (Jami)
Last December, expatriates from different parts of the world sent 162.9 million US dollars (1.62 billion). That’s 7 crore more than in November. As a result, remittances returned to the upward trend after six consecutive months. However, as a single month, remittances decreased by 43 crore dollar in December compared to the same month last year (December 2020). In December last year, remittances came to 205 crore or 2 billion dollars.
The reason for the decline of remittances compared to last year experts said to be the increase of money transactions through illegal channels, especially hoondi, due to the lifting of corona virus’s restrictions. Moreover, the new labor force has not been recruited outside the country in the same way that the expatriates have lost their jobs due to the corona.
According to the data of Bangladesh Bank, the amount of remittances sent by the expatriates in the recently concluded December was 162.9 crore US dollars, which is about 13 thousand 846 crore 50 lakh TK (equivalent to 85 TK per dollar). In the previous month of November, remittances of US 155.37 crore (1.55 billion) came to the country. The amount was 13 thousand 206 crore 45 lakh TK. As of December 640 crore more has come. The previous month, October, saw a decline of expatriate income compared to September. In October, the expatriates sent 164 crore 68 lakh dollars to the country. That is 13 thousand 997 crore 80 lakh taka (up to 85 taka). The amount of expatriate income in September was 172 crore 67 lakh dollars or 14 thousand 676 crore 95 lakh taka.
According to the central bank, remittances fell by 9 crore dollar in September compared to August. Last August, expatriate income was 181 crore dollar. which is 60 million less than in July. In July, remittances reached 187 million, which is 69.3 million less than in June. Remittances reached 194 million in June, down 23 crore dollar from May.
Meanwhile, the banks are delivering remittance money to the doorsteps of customers through various digital channels including agent banking, mobile banking and internet banking. Besides, the government has announced to provide 2.5 percent cash assistance on legal remittances. That was up to 2 percent earlier. Bangladesh Bank has directed to implement the increased cash assistance from January 1 this year (2022).
According to the report of Bangladesh Bank, in the first six months of the fiscal year 2021-22 (July-December), remittances to the country reached 1,239 million. In Bangladeshi currency, the amount is 87 thousand 21 crore 30 lakh taka, which is 279 crore 82 lakh less than the same period of the previous financial year. In the first six months of the 2020-21 fiscal year, remittances reached 1,294.20 crore. The amount in the domestic currency was 1 lakh 10 thousand crore Taka.
