The government has released a second tranche of Tk 10 billion in cash incentives to scheduled banks in the October-December 2023 period, aiming to bolster remittance inflows through official channels. Launched in January 2022, the incentive program rewards banks with an additional Tk 2.5 for every Tk 100 remitted through official channels.
This move is a strategic response to counter informal ‘hundi,’ which offers higher exchange rates but poses risks to forex stocks. Despite a 2.4% decline in monthly remittance receipts from $1.98 billion in October to $1.93 billion in November, the overall figure for the first five months of the fiscal year remains consistent with the previous year, reaching $8.8 billion.
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