2024-05-05 14:03:52
In the first four months of 2024, Bangladesh received 831 million dollars in remittances. Remittance collection increased to $2.04 billion in April, which is 21.3 percent higher than the same period last year.
According to the data of Bangladesh Bank, as a result of the initiatives of various banks aimed at encouraging the flow of remittances, a total of 831 million dollars have come from expatriates in the country from January to April this year.
Read: Government is taking a new plan to increase remittance flow
An upward trend can be seen with $2.11 billion in January, $2.16 billion in February, $1.99 billion in March and $2.04 billion in April. This flow has been a boon to the economy, especially during the ongoing foreign exchange crisis.
Prominent economist Dr. Ahsan H Mansoor said, Bangladesh can increase remittance collection through legitimate channels by providing more financial and non-financial incentives to expatriates. He highlighted the priority of remittance senders in using the hundi system, an illegal money transfer system. Because of its high exchange rate, which is 5 to 7 rupees per US dollar higher than the official rate.
It is under control. Mansoor suggested that the government could introduce various benefits for legitimate remittance senders, including health cards, insurance coverage and pension schemes to make formal channels more attractive and stop the use of illegal methods like hundi.
Source: UNB