Good news on remittances, second highest in last four years
October 1, 20242 Mins Read
Jumbangla Desk: After August, the emigration income in the banking channel has increased a lot in the month of September. In the recently concluded September, expatriates sent remittances worth 240 million 48 million (2.40 billion) US dollars to the country through banking channels. In local currency, the amount is 28 thousand 857 crores (120 rupees per dollar). This amount of expatriate income in a single month is the second highest in the last four years.

Dollar

Earlier, in the last month of June, $254 million remittances came through the banking channel and before that, in July 2020, $259 million 82 million remittances came.

This information is known from the updated report published by the central bank on Tuesday (October 1).

Analysis of the data shows that in September, an average of 80 million dollars of remittances came to the country every day. In September last year, average daily remittances were 4.45 million dollars. Accordingly, the remittance flow has almost doubled.

As a single month, remittances increased by 80.2 percent in September this year compared to last year. Last year, September remittances came in at $1.33 billion. 154 million dollars came in September 2022.

According to the data of the central bank, in the month of September, 638.3 million dollars were received in the country through state-owned banks, 110 million US dollars through a specialized bank, 165 million dollars came through private banks and 6.2 million US dollars came through foreign banks.

During this period no remittances came through government BDBL, Rajshahi Agricultural Development Bank, Police Community Bank, Foreign Habib Bank, National Bank of Pakistan and State Bank of India. In the first three months (July-September) of the current fiscal year 2024-25, remittances of $6.54 billion have arrived. In the same period in the previous financial year, 4.9 billion 7 million dollars came. Remittances have increased by 33.3 percent in the three months of the current financial year.

In August, remittances or remittances to the country reached 2.22 billion US dollars (2.22 billion). In local currency, the amount is 26 thousand 656 crores. In the first month of the fiscal year 2024-25, July, remittances of US$ 191,358,000 have arrived in the country. Which is lowest in previous 10 months.

In the recently concluded fiscal year 2023-24, expatriates have sent foreign currency remittances equivalent to two thousand 392 million US dollars to the country. In domestic currency, the amount of which is two lakh 82 thousand crores. This is the second highest collection ever. The highest record amount of remittances in the country's history came in the fiscal year 2020-21. At that time remittances came to 2 thousand 477 million dollars.