Dhaka Bureau: Remittance flow is continuously increasing in the country. In continuation of this, in the recently completed January 2023, remittances of 195 million and 88 million US dollars arrived. which is 25 million and 91 million dollars more than the previous month. Remittances totaled 169 crores and 97 million US dollars last month, in December.
This information has been revealed on the basis of the updated report of the Bangladesh Bank on Wednesday (February 1).
A review of remittance flows showed that the total remittances received in the first 7 months of the financial year 2022-23 (from July to January) amounted to USD 1,245,210,000. In the same period of the previous financial year, remittances came in at 1,944 million US dollars. During the period under discussion, remittances totaling more than 508 million US dollars have come in.
According to the review of the report of the central bank, in the amount of remittances received in January, 25 crore (58 lakh) 40 thousand dollars came through state-owned banks, 4 crore (22 lakh) 50 thousand dollars came through a specialized bank, 165 crore (36 lakh) 90 thousand dollars came through private banks, and remittances of 70 lakh (80 thousand) US dollars came through foreign banks.
Like other times, this time the highest remittances came through Islami Bank. Remittances through the bank totaled 35.49 million dollars in January.Next is the position of Mercantile Bank. A remittance of 12 crore 10 lakh dollars came through the bank. Besides, 110 million 71 million dollars were transferred through Al-Arafah Islami Bank, 100 million 42 million dollars were transferred through Agrani Bank, 9 million 89 million dollars were transferred through Pubali Bank, 7 million 51 million dollars were transferred through NCC Bank, and 7 million 25 million dollars were transferred through Mutual Trust Bank. Dutch-Bangla Bank (6 crore, 75 lakh dollars), Sonali Bank (6 crore, 62 lakh dollars), and Premier Bank (6 crore, 22 lakh dollars) are the institutions involved.
Meanwhile, the central bank has taken various initiatives to increase remittances. The central bank is encouraging various ways to send remittances through legitimate channels. On November 16 of last year, the Bangladesh Financial Intelligence Unit (BFIU) advised expatriates to send remittances to the country legally or through banking channels to keep loved ones risk-free and safe. The central bank urged people not to send remittances through hundi or any other illegal route.
According to Bangladesh Bank, remittances of hard-earned foreign exchange by expatriate Bangladeshis outside the banking channel (through hundi or any other illegal route) are a punishable offense and harm the country. The central bank also said to the expatriates: send your valuable foreign currency to the country through legal channels or banking channels instead of sending it through hundi or any other illegal channels, make a valuable contribution to the country, and keep your loved ones safe and risk-free. Also said is that the BFIU is taking appropriate action against all those involved in sending remittances illegally, subject to proof, as per existing law.
Besides, among the steps taken to increase remittances are two and a half percent cash incentives against wage earners’ remittances through legitimate means; a CIP award to government remittance senders; the expansion and simplification of the remittance distribution process; and providing investment and housing finance facilities for non-resident Bangladeshis with international money under the fintech system. incentives for transfer operators to set up drawing arrangements with banks in Bangladesh and waive off charges by banks or exchange houses for sending remittances.
The total remittance received in the current fiscal year 2021-22 is 2 thousand 103 crore (17 lakh) US dollars. In the first month of that fiscal year, 187 crore 14 lakh dollars came in July, 181 crore 1 lakh in August, 172 crore 67 lakh in September, 164 crore 68 lakh in October, 155 crore 37 lakh in November, and 163 crore 6 lakh in December; 170 crore 45 lakh in January, 149 crore 44 lakh in February, 185 crore 97 lakh in March, 201 crore 8 lakh in April, 188 crore 53 lakh in May, and 184 crore US dollars came in June. Earlier, the amount of remittance collection in the financial year 2020–21 was 2 thousand 477 crore, or 77 million US dollars.
