BM Desk : Remittances from Bangladeshi expats totaled $1.43 billion during the first 15 days of October. This is equivalent to BDT 17,507 crore in local currency (BDT 122 to the US dollar).
This information was disclosed in Bangladesh Bank’s most recent report, which was released on Thursday.
The country’s foreign exchange reserves have been helped by this large influx of remittances via official banking channels, according to central bank officials. The government’s successful efforts to stop hundi, or informal money transfers, the incentives provided for sending remittances, and general advancements in the banking system are all responsible for the ongoing upward trend in remittances.
In September, Bangladeshi expatriates sent $2.68 billion, or BDT 32,757 crore, in remittances.
The overall foreign exchange reserves of the nation are $31.93 billion, according to the most recent statistics from Bangladesh Bank dated October 9. The reserves determined using the IMF’s BPM6 technique are $27.12 billion.
The entire amount of remittances sent by Bangladeshi expats for the first three months of the current fiscal year (July–September) was $7.58 billion, or BDT 92,550 crore (at BDT 122 per USD). Compared to the same time of the previous fiscal year, when remittances totaled $6.54 billion, this represents an increase of about 16%.
