A remittance of 7 thousand crore rupees arrived in nine days

Abdul Kader: In a significant boost to the country's economy, expatriates have sent a remittance totaling 7 thousand crore rupees in the initial nine days of February. According to the latest report from Bangladesh Bank released on Sunday, expatriates utilized legal and banking channels to send a total of US$ 631.7 million, equivalent to 6 thousand 949 crores in local currency (at the exchange rate of 110 rupees per dollar). This surge in remittance marks a daily average of over 70 million dollars.

Breaking down the remittance inflow for the first 9 days of February, state-owned banks received 60.9 million dollars, specialized banks received 2.96 million dollars, private banks received 53.16 million dollars, and foreign banks received 1.39 million dollars.

This positive trend in remittances has been observed since October of the previous year when expatriates sent 199 million dollars in December. In January, remittances amounted to 2100 million US dollars.

Comparing the remittance figures for the preceding months, the flow has been consistently increasing. In the fiscal year 2022-23, the total remittance reached 2 thousand 161 crore 7 lakh US dollars, surpassing the 2 thousand 103 million 17 million US dollars received in the fiscal year 2021-2022. The financial year 2020-21 recorded the highest remittance in the country's history, reaching 2,477 crore US dollars.

This recent surge in remittances bodes well for the nation's economic outlook, reflecting the confidence of expatriates in contributing to their home country's financial stability.