Expats remit record $70m in a day

The upward trend in remittance inflow continued in the first month of this year as expatriates sent $1.53 billion till January 24.

Spokesperson for the Bangladesh Bank Md Mezbaul Haque on Saturday said a total of $70 million came on January 24 alone, which was the highest in a single day this month.

“This indicates the continuation of the upward trend in remittance,” he said, expressing hope the January amount would surpass that of December.

In January last year, $1.70 billion came, with the daily average reaching $55 million. Expats sent $1.70 billion in December 2022, up from $1.59 billion in the previous month.

Bangladesh has been under pressure since the last financial year due to the fall in remittances amid a severe dollar crisis.

FY22 ended on a negative trend and saw 15.12 per cent fall in remittances compared to the previous fiscal year.

In FY22, more than $21 billion came in remittances. In the first six months of the current financial year, expats sent $10.49 billion.

Remittances play a significant role in the country’s foreign exchange reserves held by the central bank. For this reason, the banking regulator has taken various measures, including giving incentives, to encourage expats to send remittances through the banking channel instead of hundi.

Officials at the Bangladesh Bank hope remittances will increase due to incentives and paperwork getting less complicated. As banks are offering higher exchange rates, this will also play a role in pushing up remittances, they hope.