Sheikh Hasina’s government resigned on August 5 in the face of the student movement. Remittance flow stagnated during the movement. From the 1st to the 3rd of this month, remittances were 9.56 million dollars. In the next three days ie from 3rd to 6th another million dollars came. All in all, until the fall of the government, foreign currency came to the country of 9 crore 66 million dollars.
On the other hand, remittance flows, which stagnated after the fall of the government, have started to pick up again. According to the latest published report of Bangladesh Bank, 387.1 million dollars have come from 4th to 10th August. In total, from the 1st to the 10th of this month, 48 million 27 million 70 thousand dollars of foreign currency has arrived.
Sector stakeholders said that expatriates announced remittance shutdown last month due to quota reform movement, internet and conflict. Due to this, the remittance flow decreased in that month. This continued in the first week of this month as well. However, remittance flows increased after the fall of the government. Will increase in future. Because everyone is trusting the new government. Expatriate inflows to the country have dropped significantly in the last month. The income that came in July was the lowest in the last 10 months. In July, the expatriate income came to about 191 million US dollars. Prior to this, the lowest expatriate income came in September last year at $133.43 million.
According to sources, after the fall of the Sheikh Hasina government, the flow of remittances sent by expatriates to the country is increasing. The crowd of expatriates has increased in the exchange houses of different countries.
According to the data, from July 1 to 6, expatriate income in the country was 370 million dollars. From July 7 to 13, 60 million 81 million dollars came. 45 million dollars came from July 14 to 20. From July 21 to 27, 13.8 million dollars came. From July 28 to 31, 340 million dollars came. In total, remittances in July reached 190.9 million dollars. Accordingly, the growth of remittances in July decreased by 25.19 percent compared to June. Before this, expatriates sent 254 million dollars of income to the country last June. Expatriate inflows into the country in June were the highest in any single month in the past three years. Before this, the last expatriate income came in July 2020 of $259 million.
According to related sources, after the fall of Sheikh Hasina, Hundi is completely closed in the country. Remittance flows through legitimate channels are increasing as fraudulent practices such as money laundering, under or over invoicing are stopped.
Sources also say that as long as the interim government is in place, the hundi will remain low. As it happened during covid.
Earlier, expatriate inflows dropped significantly in July as it was the month following student protests and sacrifices.
According to the central bank report, the expatriate income in July was about 1.91 billion dollars. However, the previous month in June came in at $2.5 billion.
The head of the treasury of a private bank told the media that foreign exchange houses are getting a good amount of remittances on Monday, although they received a little less on Sunday. If expatriates continue to send remittances through banking channels, the dollar crisis will end.
The head of treasury of an Islamic bank said that a good amount of remittances are coming from the exchange houses of Dubai, Malaysia, Singapore, UK today on Monday.
