Bizdata Insights Main Logo

Expatriate Remittances Reach $774M in First 12 days of May

Economic Tag: Remittance

In the first 12 days of May, expatriates sent $774 million to Bangladesh through the banking channel. The majority of these remittances, amounting to $622 million, were received by the country’s 43 private banks. State-owned banks brought in $148 million, while foreign banks contributed around $3 million. Comparatively, remittance earnings were lower in April due to the celebration of Eid-ul-Fitr, with $959 million received in the first 14 days and $1.68 billion for the entire month. Bank insiders attributed the decline in remittance to the low exchange rate of the dollar. As per the latest decision of the Association of Bankers Bangladesh (ABB) and the Bangladesh Foreign Exchange Dealers’ Association (BAFEDA), banks now offer Tk108 per dollar. Expatriate remittances play a significant role in supporting the country’s economy and are vital for the financial well-being of many families in Bangladesh.

Source for more details:

Related News

Overseas Remittance Plummets by 10.27% in May

June 5, 2023

Bangladesh experienced a drop in overseas remittance in May. The remittance received during the month amounted to around USD 1.69 billion, reflecting a 10.27% decline compared to the previous year. April also saw a decrease of 16.26% in remittance compared to the corresponding period. This trend is concerning, as remittance is typically strong before Eid when expatriates send additional funds for their families' expenses. However, even during the Eid month of April, remittance was not favorable.

Bangladesh Raises Remittance and Export Dollar Rates

June 1, 2023

In a significant development, Bangladesh has raised the dollar rates for remittances and export proceeds. Expatriate Bangladeshis will now receive an additional Tk0.50 for remittances, while the dollar rate for export proceeds will be Tk1 higher. The new rates stand at Tk108.50 for remittances and Tk107 for export proceeds. Including the 20.5% government incentives, remitters will receive Tk111.25 per dollar.

Suspicion Surrounding Significant Inflow of Remittance from the US

May 18, 2023

United States Census Bureau (USCB) data reveals that the number of Bangladeshis living there at the end of 2021 was about 264,000. Out of this, employment has been a little more than 1 lakh 52 thousand. The average annual income per household of Bangladeshis living in the country is slightly less than 68 thousand dollars. According to the US Bureau of Labor Statistics (USBLS), the average cost per household in the country in 2021 was about $67,000.

Remittance inflows from the US Crossed $3 Billion

May 17, 2023

Remittance inflows from the United States to Bangladesh have exceeded $3 billion during the July-April period of the current fiscal year 2022-23, making it the largest sender of remittances to the country. According to a report from the Bangladesh Bank, remittances from the US reached $3,047 million in the mentioned period, compared to $2,870 million in the same period of the previous fiscal year.

NBL QPay App Launched for Remittance Transfers from Malaysia to BD

May 16, 2023

The National Bank Limited (NBL) introduced the NBL QPay app in Malaysia, allowing seamless remittance transfers to Bangladesh. The official launch took place at a hotel in Kuala Lumpur, with Md Golam Sarwar, the high commissioner of Bangladesh in Malaysia, announcing the app's opening. The event was attended by key figures including Md Mehmood Husain, the managing director and CEO of National Bank Limited, and Md Ali Haider

Expatriate Remittances Reach $774M in First 12 days of May

May 15, 2023

In the first 12 days of May, expatriates sent $774 million to Bangladesh through the banking channel. The majority of these remittances, amounting to $622 million, were received by the country's 43 private banks. State-owned banks brought in $148 million, while foreign banks contributed around $3 million. Comparatively, remittance earnings were lower in April due to the celebration of Eid-ul-Fitr, with $959 million received in the first 14 days and $1.68 billion for the entire month.

Related News

Overseas Remittance Plummets by 10.27% in May

June 5, 2023

Bangladesh experienced a drop in overseas remittance in May. The remittance received during the month amounted to around USD 1.69 billion, reflecting a 10.27% decline compared to the previous year. April also saw a decrease of 16.26% in remittance compared to the corresponding period. This trend is concerning, as remittance is typically strong before Eid when expatriates send additional funds for their families' expenses. However, even during the Eid month of April, remittance was not favorable.

Bangladesh Raises Remittance and Export Dollar Rates

June 1, 2023

In a significant development, Bangladesh has raised the dollar rates for remittances and export proceeds. Expatriate Bangladeshis will now receive an additional Tk0.50 for remittances, while the dollar rate for export proceeds will be Tk1 higher. The new rates stand at Tk108.50 for remittances and Tk107 for export proceeds. Including the 20.5% government incentives, remitters will receive Tk111.25 per dollar.

Suspicion Surrounding Significant Inflow of Remittance from the US

May 18, 2023

United States Census Bureau (USCB) data reveals that the number of Bangladeshis living there at the end of 2021 was about 264,000. Out of this, employment has been a little more than 1 lakh 52 thousand. The average annual income per household of Bangladeshis living in the country is slightly less than 68 thousand dollars. According to the US Bureau of Labor Statistics (USBLS), the average cost per household in the country in 2021 was about $67,000.

Remittance inflows from the US Crossed $3 Billion

May 17, 2023

Remittance inflows from the United States to Bangladesh have exceeded $3 billion during the July-April period of the current fiscal year 2022-23, making it the largest sender of remittances to the country. According to a report from the Bangladesh Bank, remittances from the US reached $3,047 million in the mentioned period, compared to $2,870 million in the same period of the previous fiscal year.

NBL QPay App Launched for Remittance Transfers from Malaysia to BD

May 16, 2023

The National Bank Limited (NBL) introduced the NBL QPay app in Malaysia, allowing seamless remittance transfers to Bangladesh. The official launch took place at a hotel in Kuala Lumpur, with Md Golam Sarwar, the high commissioner of Bangladesh in Malaysia, announcing the app's opening. The event was attended by key figures including Md Mehmood Husain, the managing director and CEO of National Bank Limited, and Md Ali Haider

Expatriate Remittances Reach $774M in First 12 days of May

May 15, 2023

In the first 12 days of May, expatriates sent $774 million to Bangladesh through the banking channel. The majority of these remittances, amounting to $622 million, were received by the country's 43 private banks. State-owned banks brought in $148 million, while foreign banks contributed around $3 million. Comparatively, remittance earnings were lower in April due to the celebration of Eid-ul-Fitr, with $959 million received in the first 14 days and $1.68 billion for the entire month.

Shopping cart

0
image/svg+xml

No products in the cart.

Continue Shopping

BUSINESSMONITOR

Connect with


Dont Have Account? Please register Here