In March, the expatriates sent about USD 186 crores to the country, which is about Tk 16 thousand 33 crores in local currency (Tk 86.20 per dollar). This income is the highest in the last eight months.
Every year during the month of Ramadan, the flow of remittances (expatriate income) increases more than usual. This time, however, the expatriate income has risen even before the start of Ramadan. On the occasion of Holy Ramadan and Eid-ul-Fitr, the concerned individuals are hoping that the income of expatriates will increase in April as compared to March.
In January of this year, the expatriates sent 170 crores and 44 lac dollars or Tk 14 thousand crores to the country. In February, the expatriate income of 149 crores and 60 lac dollars or Tk 12 thousand 865 crores was sent to the country, which is the lowest in the previous 21 months. However, in March, it increased to 185 crores and 99 lac dollars. Yet, in the same month last year, the amount of expatriate income was more than this March, which amounted to 191 crore dollars.
According to Bangladesh Bank, the value of each dollar is Tk 86 and 20 paise. However, banks are buying dollars at Tk 90 to bring in expatriate income. They are selling these dollars to consumer goods importers at a higher price.
The government used to give a 2% cash incentive to expatriate income sent through banking channels. From 1 January, the incentive rate was increased to 2.5%. Expatriates sent a significant amount of remittances in January as cash incentives increased. Although it decreased again in February.
