Remittances are providing relief to the economy in this time of crisis due to the epidemic of coronavirus. Expatriates have increased the tendency to send money to the country ahead of Eid.
In the first 14 days of May, the expatriate Bangladeshis sent remittances of US dollar 800 million (in Bangladeshi currency amounting to Tk 6,800 crore) even during the epidemic.
Which is almost equal to the same period last year. This information has been known from the central bank sources.
Concerned neo-hippies and their global warming, I’ll tell ya. No work, many can’t even get out of the house.
Expatriates could not send remittances to the country even if they wanted to as all types of institutions were closed in most of the countries.
Due to which the impact of remittances has decreased in the last two months. But now the world situation is slowly improving.
Stagnation is becoming normal in many countries. The business has started. So the expatriates have started sending remittances again before Eid.
Every year before Eid, the flow of remittances in the country increases. In May last year, expatriates sent a record amount of remittances worth 174.62 crores 82 lakh US dollar in May before Eid.
At that time, in the first 14 days of May, he sent 871 million US dollars or 87 core 10 lakh dollars.
According to Bangladesh Bank, at the time of the outbreak of corona, expatriate Bangladeshis sent remittances of ৮ 108 core 10 lakh dollar to banking channels in April last year.
Which is the lowest in the last 30 months? Earlier, in September 2016, the expatriates had sent 85 core 68 lakh dollars to the country.
Meanwhile, remittances sent in April this year were 35 core dollars or 24.73 percent less than in April last year.
At the same time last year, remittances to the country reached 143 core 43 lakh dollars.The previous month of April saw a remittance of ৮ 128 core 68 dollars down 13.34 percent from March last year.
Meanwhile, the central bank has relaxed several conditions so that expatriates can easily get the two percent incentive announced by the government on remittances.
Until now, remittances up to Tk 1.5 lakh did not require any paperwork. Bangladesh Bank has increased its coverage.
From July 1, remittances of up to five thousand US dollars or five lakh tk sent to expatriates will be paid unconditionally without any paperwork. Besides, the time for submission of documents above Tk 5 lakh has been extended.
In order to get the incentive for so long, the recipients of remittance sent by the expatriates had to submit the required documents within 15 days of withdrawal. Now it has been extended to two months.
It is learned that so far no paperwork was required to get cash incentive for remittance against the money sent below Rs 1.5 lakh.
However, in order to get a cash incentive for remittances of more than Tk 1.5 lakh, a copy of the passport and a copy of the letter of appointment issued by the foreign employer had to be submitted to the branch of the remittance bank.
In addition, if the remittance sender was engaged in business, he would have to provide a photocopy of the business license.
According to the central bank, the country recorded a record remittance collection in the last 2018-19 fiscal year.
At that time, the expatriates sent remittances of one thousand 642 crore dollars. Which is the highest remittance collection in the history of Bangladesh as a financial year?
Meanwhile, foreign exchange reserves are in a satisfactory position despite the slowdown in exports due to increased remittance inflows and loans from various agencies. As of Sunday (May 17), Bangladesh Bank’s reserves stood at 33.84 billion dollars.