Good news for expatriate income in February

There is good news on expatriate income in February. At the end of one month, the expatriate income in the country reached 216 billion 60 million US dollars. In Bangladeshi currency that is 23 thousand 717 crore 70 lakh taka (as 109.50 paise per dollar).

This expatriate income is the highest in the eight months of July-February of the current fiscal year 2023-24. Before this, 220 million dollars came last June. Except for March and June, no month has reached 200 million dollars.  

This information was highlighted in the report of Bangladesh Bank on Sunday (February 25).

According to the report, in the month of February, an average of 7 crore 73 lakh 57 thousand 143 US dollars arrived in the country every day. During the same period last year, the average daily income of expatriates was 50 million 57 million 31 thousand 428 dollars. Last January, the average daily expatriate income was seven million 31 thousand 666 dollars. December was also on the upswing.

In September 2023, the lowest expatriate income in 44 months came to the country. In this, the government increases incentives. In addition, the directive to not buy expatriate income at a price in excess of the fixed price is lifted. Since then the expatriate income continues to increase.

At this time, Bangladesh Bank took various initiatives to discourage hundi. The bank officials say that the remittance purchase price is 109 taka 50 paisa, but it is being bought at the rate of 122 to 125 taka.

Due to all these reasons expatriate income is increasing.

The rate at which people went abroad for work in 2023 and the previous years, money coming in through hundi and money laundering in the banking channel did not increase in proportion to the legitimate remittances.

Economists say that since the new government has taken over, political uncertainty has subsided and smuggling has reduced. This is affecting expatriate income. They also expressed hope that this trend will continue in the coming months.

 

Comments (0)