$1.26b remittance received in 22 days

Bangladesh received inward remittance worth $1,26 billion in the first 22 days of September, amid the forex crisis in the country.

In the last week alone, the country received $256.72 million as remittance, according to Bangladesh Bank data.

Bankers said remittance inflow shows an upward trend as the remitters are encouraged by the depreciation of taka against USD. Bangladeshi expatriates are now getting at best Tk 108 per USD, they said.

Within 22 days of September, $278.22 million came through the Islami Bank Bangladesh Ltd; $106.29 million came through City Bank; $92.98 million came through the Al-Arafah Islami Bank Limited; $79.95 million came through the state-run Agrani Bank, according to data from the central bank.

Bangladesh Bank has simplified various processes to attract remittance through banking channels, said the central bank’s officials. They added that the government is also extending remittance incentives, as well as providing policy support.

The data of the Bureau of Manpower Employment and Training (BMET) showed over 9.88 lakh workers had gone abroad in the fiscal year FY22 while this figure was 2.71 lakh in FY 21. This happens to be the highest number of annual overseas jobs in the last seven years. It is also contributing to growing up the inward remittance flow.

However, despite the growing inflow of remittance, foreign exchange reserves continue to fall.

The forex reserves of Bangladesh slipped to $36.85 billion on September 21, for the first time in nearly three years, due to the central bank’s USD selling spree that began last fiscal year.

This figure stood at $46.62 billion in the same period last year. Forex reserves had fallen below the $40-billion-mark last July as Bangladesh settled import payments worth $1.96 billion with the Asian Clearing Union (ACU).