Remittances Reach $2.30 Billion in October
Since the fall of the Awami League government in the student uprising on August 5, the flow of expatriate income or remittances has been on the rise. As a result, remittances to the country reached $2.30 billion in October.
Central Bank Spokesperson and Executive Director Husne Ara Shikha confirmed the matter to the media on Sunday (November 3).
According to the sources of the central bank, remittances of $1.97 billion came in the month of October 2023. Accordingly, remittances have increased by 16.75 percent in one year. As of October 30 BPM6 system, the foreign exchange reserves of the country are 19.87 billion dollars.
In the two months of August and September, $4.63 billion of remittances came to the country. In September alone, remittances came in at $2.40 billion.
Remittance flows increase when the country faces a shortage of foreign exchange needed to import fuel, fertilizers, and commodities needed by the private sector.
According to financial experts and bankers, remittance flows have increased due to two reasons. First, under-invoicing of import bills has reduced significantly. Earlier this process used to divert large sums of money but recently it has been regulated.
Secondly, money laundering through informal channels like hundi has reduced significantly. As a result, the demand for dollars in hundi decreased and more dollars started coming in through government channels.
Comments