In the recent month of March of this year, about two billion (1.99 billion) dollars worth of remittance or expatriate income came to the country legally. Which is about 21 thousand 965 crore taka in local currency (one dollar is equal to 110 taka). The daily average is 6 crore 44 lakh dollars or more than 708 crore 54 lakh rupees.
According to the data of Bangladesh Bank, 199 crore 68 lakh 50 thousand dollars came through legitimate channels in March. Among them, 26 crore 17 lakh 70 thousand dollars or 2 thousand 879 crore taka came through the state-owned banks. Between the two specialized banks, more than 3 crore 52 lakh 7 thousand US dollars or 387 crore rupees came through Krishi Bank.
And through private banks came 169 million 17 million dollars or 18 thousand 590 million taka. 81 lakh 10 thousand US dollars came through foreign banks.
Meanwhile, the number of banks which did not receive any remittance during the discussed period is seven. These banks include the state-owned Bangladesh Development Bank or BDBL, the specialized Rajshahi Agricultural Development Bank or RAKAB. And the private banks include Community Bank, Citizens Bank, Foreign Sector Habib Bank, National Bank of Pakistan and State Bank of India.
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Prior to this, the first month of this year in January received remittances of 210 crores or 2.10 billion dollars and the second month in February received 2166 million dollars. And in the last month of 2023, December, the remittance of 199 million dollars came.
In the first month of last year, remittances were $195.88 million in January, $156 million in February, $202 million in March, $168 million in May, $169 million in May, $220 million in June, $197 million in July, $159 million in August, and $133 million in September. , 197 crores in October, $193 crores came in November and $199 crores remittances came last month in December.
Earlier in 2020 the highest number of remittances came through the banking channel due to closure of Hundi. In the outgoing fiscal year 2022-23, expatriates sent remittances of 2,161 million US dollars through banking channels. This is the second highest ever. Earlier, during the corona period, the maximum remittance of 2 thousand 477 million dollars came to the country in the financial year 2020-21.
Read more: Foreign Minister calls on expatriates to send remittances through legal channels
The persistent dollar crisis in other countries is also easing somewhat. Those related to the sector say that several initiatives have worked behind the reduction of the dollar crisis. One of these is the decrease in imports due to the strictness of Bangladesh Bank. Similarly, remittances and export earnings increased due to the withdrawal from the tough stance on the dollar. Besides, the reason for the reduction of the money crisis is the facility of exchanging money against the dollar.
Since the beginning of the Russia-Ukraine war, the dollar crisis has started in the country. Due to the war between the two countries, the price of fuel and food products increased in the world market. This suddenly increases import costs. In the midst of the Russia-Ukraine situation, Bangladesh had to pay the import debt of 837 million dollars in June 2022. Then strictures were imposed on the opening of Letters of Credit (LC). Up to 100% cash deposit obligation is given against LC opening.
Due to this, the import liability is decreasing. The lowest import duty payment in several months was last February. During the month, the payment of import liabilities was 467 million dollars. In the previous month of January, the payment of import debt was 596 million dollars. If the import duty is paid
The actual dollar cost of the respective month is reducing the pressure on the dollar.
EAR/ZH/ASM
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