2024-08-02 17:14:28
In the recently concluded month of July, expatriates sent remittances of US$ 190.9 million through banking channels through legal channels. Which is lowest in last 10 months. Earlier in September last year, remittances came in at $133 million.
Bangladesh Bank has informed this information on Thursday (August 1).
Executive Director and Spokesperson of Bangladesh Bank. Majbaul Haque said that in the recently ended month of July, the expatriate income came to the country of 190 crore 9 million dollars. Last year in July came 197 million 3 million dollars.
According to the data of Bangladesh Bank, in July 2023-24 financial year 197 crore 31 lakh, in August 159 crore 94 lakh, in September 133 crore 43 lakh, in October 197 crore 14 lakh, in November 193 crore, in December 199 crore 12 lakh, in January 211 crore 31 lakh, 216 crore 45 lakhs in February, 199 crores 70 lakhs in March, 204 crores 42 lakhs came in April, 225 crores 38 lakhs came in May and 254 crores 16 lakhs came in June. Compared to June of this year, remittances decreased by 632.2 million dollars in July.
The bankers say that as the anti-quota student movement in the country turned into violence, the government had issued a 3-day general holiday with curfew in the third week of July. Banks and financial institutions were closed at that time. Obstacles are created for expatriate income to come to the country legally. Which has an impact on July remittances.
On the other hand, a decrease in remittances will put pressure on the reserves. In such a situation, Bangladesh Bank has given verbal instructions to about 20 banks to bring remittances at higher prices to encourage expatriates to reduce the pressure on reserves. After the introduction of the ‘crawling peg’, the dollar rate in the banks was the highest at Tk 118, but after the verbal instruction of the central bank on Sunday, several banks offered remittance purchase rates from Tk 118 50 paisa to Tk 119. As a result, the dollar price is affected in the open market as well. Dollar price started to rise in the open market.
In such a situation yesterday, the ‘Money Changers Association of Bangladesh’ said that the retail price per dollar cannot be more than 119 taka. Action will be taken if sold. However, every dollar has been sold at 125 rupees in the open market today.