Desk Report,
Expatriate income inflows increased by 7.7% in the first 16 days of July
The flow of income into the country through legal channels is increasing. The rate of expatriate income in the first 16 days of this July has also increased by 7.70 percent. This has been reported by Bangladesh Bank sources.
Expatriate income inflows increased by 7.7% in the first 16 days of July
According to the central bank, expatriate income of 1.421 billion US dollars was received from July 1-16. Expatriate income of 1.319 billion US dollars was received during the same period last year. That means, expatriate income in the first 16 days of this month has increased by 7.70 percent.
In the outgoing fiscal year 2024-25, the country received 30.04 billion dollars in expatriate income. That means, expatriates living in different countries of the world sent 304 million dollars to the country through legal channels or through banks. This amount of expatriate income has not been received in any fiscal year before in the country’s history. The expatriate income in the last fiscal year 2023-24 was 23.74 billion dollars. As a result, expatriate income in the outgoing fiscal year increased by about 26 percent.
Meanwhile, the demand for dollars has decreased due to the increase in the flow of expatriate income and export income in the country and the decrease in imports. That is why the price of the US dollar started falling compared to the taka. In this situation, Bangladesh Bank bought dollars from commercial banks through auctions to maintain the price of the dollar. Last Sunday, Bangladesh Bank bought 171 million US dollars in this process. Last Tuesday and Wednesday, the regulatory body bought 480 million dollars.
The central bank’s observation is that the price of a dollar in Bangladesh will be between 120 and 125 taka for now, in line with neighboring countries. Yesterday, Thursday, banks bought and sold dollars at a rate of 121 taka 20 paisa to 121 taka 30 paisa. The day before that, on Wednesday, dollars were bought and sold at a rate of 120 taka 70 paisa to 121 taka 20 paisa. In early June, banks bought and sold dollars between 122 taka 80 paisa and 123 taka. That is, the price of the dollar did not fluctuate much.
Officials of various banks say that now it is time to lift import restrictions as the supply of dollars in the currency market has returned to normal. In addition, the additional conditions that were added to the import of luxury goods must also be lifted. Then imports will increase, which will play a role in revitalizing trade and commerce.
