Jump to content
Please ensure regular participation (posting/engagement) to maintain your account. ×
Sign in to follow this  
Syed Amar Khan

Remittance and foreign currency reserves of Bangladesh

Recommended Posts

Remittance hits $1.64 billion in January

Mehedi Hasan
 Published at 10:13 pm February 2nd, 2020

Remittance inflow increased by 21.45% to $11.04 billion in July-January period of the current fiscal year compared to the same period of last fiscal yea

Expatriate Bangladeshis sent $1.64 billion in remittance last month, up by 2.56% than the corresponding month of the previous year. 

Remittance inflow increased by 21.45% to $11.04 billion in July-January period of the current fiscal year compared to the same period of last fiscal year, according to data of Bangladesh Bank. 

Bankers said that the favorable exchange rate of taka against the dollar and a strong stance taken by the central bank to fight illegal money transfers had a positive impact on the increasing trend of remittance. 

On February 2 this year, the inter-bank exchange rate stood at Tk84.95, up from Tk83.95 a year earlier, according to the central bank data. 

The central bank has attributed the sharp rise in remittance to the government’s 2% cash incentive introduced in the current fiscal year.

“The flow of remittance into the country has shown an upward trend in the fiscal 2019-20 as the government has taken measures, including two percent cash incentive, to encourage legal channel for encouraging non-resident Bangladeshis to send money to their home country,” said the central bank’s spokesperson Md Serajul Islam.

He said the recent flow of remittance indicated that it was gradually increasing and this trend was likely to continue in the upcoming months.

In the current budget, the government offered a 2% incentive on money remitted through banks by Bangladeshi diasporas.

Share this post


Link to post
Share on other sites

Travellers can bring $10,000 without declaration: BB

STAFF REPORTER, Dhaka
Bangladesh Bank (BB) has doubled the limit of foreign currency to US$10,000 or its equivalent that travellers can bring into the country without declaration to the customs authority.

Earlier, Bangladesh Bank allowed incoming passengers to bring $5,000 or its equivalent without declaration to the customs authorities.

“Bangladesh Bank has enhanced the limit to $10,000 or its equivalent from $5,000 or its equivalent,” said a BB circular issued in the capital yesterday.

Share this post


Link to post
Share on other sites

Forex reserves hit $35 billion mark for the first time

Bangladesh Bank’s foreign currency reserves hit $35 billion mark for the first time in history thanks to surging remittance despite the coronavirus pandemic.

Satisfactory remittance inflow and disbursement of aid by the developing partners drove the foreign exchange reserves up, Bangladesh Bank sources said.

According to the central bank, the country's foreign exchange reserves rose to $35 billion on June 23. On June 3, the reserve crossed $34 billion mark for the first time.

According to the Bangladesh Bank data, from July 1, 2019 to June 10, 2020, the expatriates sent $17.06 billion, thanks to the government budget declaration of 2 percent incentive.

In 2018-19 fiscal year, the country received $16.41 billion remittance and the figure was $14.98 billion in 2017-18. For the first time, the country's remittance inflow crossed $17 billion mark in a fiscal year despite a recent fall for the Covid-19 pandemic.

Currently, there are over 10.02 million Bangladeshis working in 174 countries across the world. In 2019-20, Prime Minister Sheikh Hasina announced 2 percent incentive on money remitted by the expatriate Bangladeshis.

The objectives were to mitigate the burden of increased expenses in sending foreign remittance through legal channels.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...