Expatriate income in January came to $195 million

The dollar crisis has been going on for years. In addition to discouraging the import of luxury goods, Bangladesh Bank has also taken various measures to overcome the crisis.

  
Expatriates sent 195 million dollars in January. Expatriate income was increasing as a result of various initiatives taken by the government to address the decline in expatriate income for several months. Bangladesh Bank gave good news on Wednesday (February 1) at the end of January.

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Expatriate income

• Despite this, goods worth billions of rupees are stuck. Many banks in the country are failing to meet the needs of importers due to the dollar crisis. To solve these problems, the central bank has sold more than 850 million dollars from reserves in seven months (July-January) of the fiscal year 2022-23. Never before in the history of the country has such amount of dollars been sold from the reserve in the entire financial year.

In the same period of the previous year, expatriates sent 164 crore dollars or 13 thousand 940 crore rupees. Compared to January last year, the remittance or expatriate income has increased by Tk 2,720 crore in the same month this year. This information was obtained from Bangladesh Bank.

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  Bangladesh Bank

•  According to Bangladesh Bank data, in the first seven months of the current financial year 2020-21 from July to January, expatriates sent a total of 1,490 million dollars, which is 386 million dollars more than the same period of the previous year.
  Meanwhile, the dollar crisis in the country is increasing, the value of money is decreasing. In the interbank currency market, the central bank is now selling dollars to commercial banks at the rate of 94 taka 70 paisa. That is, Bangladesh Bank is selling dollars to the banks at this rate to meet the government import bill. According to the rules, this is the official rate of the dollar. Earlier this year at the beginning of May this rate was 86 taka 45 paisa.

However, after checking various banks and curb markets, it has been found that now banks are charging above Tk 97 to Tk 100 for import bills, cash dollars are selling at Tk 105 to Tk 107, and dollars are being sold at Tk 109 to Tk 110 in the open market or curb market outside the bank.