Remittances sent by expatriates through banking channels have gained momentum. In the 18 days of this December, an amount of 1.86 billion dollars equivalent to expatriate income came into the country. This is 42.22 percent more than the same period in December of the previous year. Remittances increased by 26.44 percent in the five months up to November of the current fiscal year. Along with the increase in remittances, there is also good growth in export earnings. As a result, foreign exchange reserves have increased to close to 20 billion dollars.
According to Bangladesh Bank data, the foreign exchange reserves stood at $19.96 billion on Wednesday. A week ago, on December 11, it was $19.20 billion. Earlier, after paying $1.5 billion to the Asian Clearing Union (ACU), the reserves rose to $18.46 billion on November 11. The foreign exchange reserves have increased by $1.5 billion in a month and a week. Due to good growth in exports and remittances, the central bank is increasing its reserves by buying dollars from the market. At this time, the payment of previous arrears and import liabilities has increased in view of Ramadan. Due to these reasons, the dollar rate, which had been trading between 120 and 122 taka for a long time, has risen to 125 taka 40 paisa.
Since the fall of the Awami League government, there has been a good growth in expatriate income. Except for July of the current fiscal year, more remittances have come in every month compared to the same month of the previous fiscal year. Remittances fell to $1.91 billion in July amid the student-public movement. Since then, due to a massive increase, the total remittances from July to December 18 have stood at $12.99 billion.
It was $1.11 billion in the same period of the previous fiscal year. During this period, remittances have come in by $2.88 billion or 28.47 percent more.
An official of Bangladesh Bank told Samakal that the central bank has now taken a strict stance to prevent money laundering. Due to which the demand for hundi has decreased and remittances are increasing through banking channels. Among them, many banks are buying remittance dollars from foreign exchange houses at a rate of Tk 125 or more in December. Due to which remittances are increasing more this month. If this trend holds true, the current fiscal year will be a record for remittances. The highest remittance record of $24.78 billion in a single fiscal year was in the 2020-21 fiscal year. Due to the global coronavirus pandemic, remittances through banking channels increased significantly, while hundi payments decreased.