Monday, June 24, 2024


Dhaka Tribune

Remittance flow rising, $1.73bn received in 25 days

Islami Bank Bangladesh received the highest remittance so far with $356.2 million 

Update : 30 Aug 2022, 04:04 AM

The rising flow of remittances brings hope to stabilizing the volatile dollar market as large sums have been sent in the first two months of the current fiscal year. 

It crossed the two billion mark in July and the trend seems to be continuing in August as well.

Expatriates sent around $1.73 billion through the banking channel in the first 25 days of this month.

This data was revealed in the latest report of Bangladesh Bank on August 28 regarding remittances.

If the current trend continues, the expatriate income is expected to reach $2.14 billion by the end of the month, central bank analysts experts believe.

To compare with August 2021, the figure was $1.81 billion. 

According to the latest data, in the first 25 days of August, remittances through five state-owned commercial banks reached $315 million. 

Around $1.4 billion came through private commercial banks (PCB) and another $6.4 million came to foreign commercial banks (FCB). 

Islami Bank Bangladesh received the highest remittance so far with a total amount of $356.2 million. 

Agrani Bank and City Bank received around $110 million each, whereas, Dutch Bangla Bank received around $95.4 million and Rupali Bank received $93.5 million.

At the discussed time, expatriates did not send any remittances through BDBL which is a state-owned commercial bank. 

Rajshahi Krishi Unnayan Bank which is a state-owned specialized bank also did not receive any remittances.

Bank Al-Falah, Habib Bank, National Bank of Pakistan and State Bank of India were also on that list as a FCB.

Earlier, in the last month of July, expatriates sent $2.09 billion to the country, which was about $260 million more than in June. 

In June, $1.83 billion came in as remittance. 

According to the data of the central bank, in FY22, expatriates sent remittances worth $21.3 billion into the country through formal banking channels, which is 15.11% less than the last fiscal year. 

During FY21, expatriates sent remittances worth $24.77 billion.

According to the latest data, the country's foreign exchange reserve is $39.36 billion. 

With this foreign currency, it is possible to meet the import expenses for about four and a half months as import expenses are $8 billion per month.

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