Remittances have brought a message of calm amid anxiety. After the month of July, the expatriate income is also on the rise in August. Expatriate Bangladeshis sent 117 crores and 10 lac dollars to the country in the 16 days of August, which is Tk 11 thousand and 124 crores in Bangladeshi currency (Tk 95 per dollar). This is 16.30% more than the same period last year. Every day, 7 crores and 26 lac dollars or about Tk 700 crores were sent. Bangladesh Bank has given this information.
Banking officials say that the way remittances are coming, is a positive aspect. If this trend continues, more than 2 billion dollars in remittances will come in August like last July.
In July, the first month of the current 2022-23 fiscal year, remittances of 209 crores 69 lacs, and 10 thousand dollars came to the country, which was 12% more than July last year.
Meanwhile, Bangladesh Bank has simplified the process of bringing remittances. Bangladesh Bank has issued a notification that from now commercial banks do not need to take advance permission from Bangladesh Bank to enter into an agreement (drawing arrangement) with any foreign money exchange. The central bank has taken this decision in an effort to increase remittance flow amid the ongoing dollar crisis. As a result, the country’s banks will be able to expand their networks quickly.
Generally, to bring remittances from abroad, the bank has to open its own exchange house in that country, or has to enter into an agreement with foreign exchange. That agreement is called a drawing arrangement.
