Large decline in expatriate income in the outgoing fiscal year

5 July 2022 , 9:42:21

Large decline in expatriate income in the outgoing fiscal year

Despite incentives and rising dollar prices, expatriate income has fallen sharply in the outgoing fiscal year. In the just-departed fiscal year 2021-22, expatriate Bangladeshis have legally sent 2,103 crore, which is 15.0 percent less than the previous fiscal year. In the fiscal year 2020-21, the income came to two thousand 46 crore dollars. This information has come from the report published by the Central Bank.

The people involved in the banking sector say that the bank is paying 93-94 rupees if the income is brought in a legal way. And if you bring it in hundi, you get 100 rupees. As well as the income being delivered home. This is why this fall. However, the government is adding two and a half percent incentive to bring income to the bank. However, the cost of sending income is 3 to 4 percent. As a result, the expatriates are choosing the illegal path.

According to the central bank’s report, remittances reached 183.62 billion in June. This figure is 48 million less than the previous month. In May this year, remittances came to 17 crore 53 lakh dollars. That is 103.5 million less than in June last year. In May last year, the expatriates sent 194 crore 8 lakh dollars.

According to the data of the central bank, the income in the fiscal year 2020-21 was 2 thousand 46 crore 7 lakh dollars. Which was 36 percent more than the previous financial year.
Meanwhile, the central bank has been steadily lowering the value of the rupee against the dollar to ease the dollar crisis. Now you have to spend 93 rupees 45 paise per dollar in the interbank money market. The central bank is selling dollars at this price. However, the banks are bringing expatriate income at a higher price. As a result, importers have to buy dollars at higher prices.

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