Expatriate income in March is about Tk 22 thousand crores

In a recent report released by the central bank on Monday, it was revealed that expatriates sent a staggering amount of remittances totaling Tk 22 thousand crores in the month of March alone. This substantial figure reflects the unwavering support of overseas workers to their homeland.

The remittance inflow for March amounted to a remarkable $199.68 million, with an exchange rate of 110 taka per dollar, totaling Tk 21 thousand 965 crores. Notably, the majority of these remittances, amounting to $169.17 million, were routed through private banks, underscoring the pivotal role these institutions play in facilitating financial transactions.

Further breakdown reveals that state-owned banks received remittances worth 26 crore 17 lakh 70 thousand dollars, closed banks received 3 crore 52 lakh 7 thousand dollars, and foreign banks received 81 lakh 10 thousand dollars. Interestingly, seven banks reported no incoming remittances during this period.

This surge in remittances follows a trend observed earlier in the year, with expatriates sending $2.1 billion in January and $216.6 million in February, showcasing a consistent flow of funds into the country.

Looking back at the previous financial year, expatriates contributed significantly to the economy by sending remittances totaling 2 thousand 161 million US dollars. This robust financial support highlights the crucial role played by overseas workers in bolstering the country's economy.

It's worth noting that in the financial year 2020-21, the country witnessed its highest ever remittance inflow, totaling two thousand 477 million dollars, further emphasizing the indispensable contribution of expatriates to the nation's economic growth.

With remittances continuing to surge, it underscores the importance of nurturing and strengthening the relationship between overseas workers and their homeland, paving the way for sustained economic prosperity.