In August, remittances came to the country at 222.1 million US dollars, compared to 1.599 million dollars in the same period of the previous year. In one year, remittances in the country have increased to 622 million dollars, which is 39% as a percentage.
Bankers said expatriates are being encouraged to send remittances through legal channels in the country after dictator Sheikh Hasina fled the country in the face of anti-discrimination student movement on August 5. They are now sending more remittances through banking channels. And because of this remittance flow has increased.
If the rate at which remittances are increasing continues, the stakeholders are hopeful that 25 billion dollars will leave by the end of the year.
According to the statistics of Bangladesh Bank, the increase in remittance flow has had a positive impact on the country’s foreign exchange reserves. Last Thursday (August 29) Bangladesh Bank published this information on August reserves.
According to published data, the country’s foreign currency gross or total reserve stands at 2,565 billion US dollars (25.65 billion). According to International Monetary Fund (IMF) accounting method BPM-6, reserves are now 2,600 million dollars (20.60 billion).
Bankers said that expatriates had stopped sending remittances in protest against the torture of the dictatorial government including disappearances, murders, jail-fines. This reduced the flow of remittances in the banking channel. After Sheikh Hasina fled the country on August 5, the remittance flow in the banking channel has increased again.
From the records of Bangladesh Bank, it can be seen that in 3 days from August 1 to 3, remittances came to the country only 9.5 million dollars. From 4 to 10 August, 38 million dollars came. And from August 11 to 17, it almost doubled to 650 million dollars. And last August 20 in one day 10 crore 9 million dollars. The rest of the remittances came from August 20 to August 31. In total, the remittance flow increased to 222 million 10 million dollars last August. Which is 39 percent higher than the remittances received during the same period of the previous year.
In the context of conflict, curfew and internet shutdown across the country, the flow of remittances through legal channels decreased due to the situation caused by the student movement over the quota reform last July. At that time, many expatriates campaigned about not sending remittances through legal channels in the country. Which had an impact on expatriate income.
Sheikh Hasina left the country after resigning from the post of Prime Minister on August 5 in the face of student uprising. After that, many expatriate Bangladeshis started a campaign about sending remittances through legal channels for the formation of the country. As a result, the expatriate income has started to increase again, bankers believe.