Remittance rises by 10% in February
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard

Monday
August 15, 2022

Sign In
Subscribe
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
  • Epaper
  • More
    • Subscribe
    • COVID-19
    • Bangladesh
    • Splash
    • Videos
    • Games
    • Long Read
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
MONDAY, AUGUST 15, 2022
Remittance rises by 10% in February

Economy

TBS Report
01 March, 2020, 08:30 pm
Last modified: 02 March, 2020, 04:13 pm

Related News

  • NBFIs can now calculate stock market exposure on cost basis
  • Banks limited to profit highest Tk1 per dollar
  • Bangladesh Bank, MRDI distribute water tanks among 425 families in Sundarbans 
  • BB likely to allow non-authorised dealer banks to buy and sell foreign currency
  • Central bank official made OSD over money embezzlement

Remittance rises by 10% in February

Inflow in the first eight months of the current fiscal year was 20 percent higher than the corresponding period of the previous year

TBS Report
01 March, 2020, 08:30 pm
Last modified: 02 March, 2020, 04:13 pm
Remittance rises by 10% in February

Inward remittance has been rising since July last year when the government offered a 2 percent cash incentive to encourage inflow through formal channels.

The latest data released by the Bangladesh Bank on Sunday showed that remittance increased 10 percent year-on-year to $1.45 billion in February.

The inflow during the first eight months of the current fiscal year was 20 percent higher at nearly $12.50 billion from the corresponding period of the previous fiscal year.

However, February's receipts were 2.88 percent lower than that of January.

Officials at the central bank said remittance inflow kept its strong growth since the government had announced the cash subsidy in the budget for the current fiscal year and allocated Tk3,060 crore to meet the expenses.

Among all economic indicators, only remittance has remained upbeat for several months, giving Bangladesh breathing room in managing the current account balance and the exchange rate.

In the first seven months of the current fiscal year, export and import fell by 5.21 percent and 2.13 percent respectively, according to central bank data.

Despite a drop in manpower export, an increase in the US dollar price and the cash incentive kept the remittance growth strong, said a senior executive of the Bangladesh Bank.

The exchange rate rose to Tk84.90 against a dollar in January this year from Tk83.95 in the same month of 2019, central bank data shows.

Backed by strong remittance inflow, the current account balance deficit narrowed to $1.34 billion in the July-December period of the 2019-20 fiscal year from $3.38 billion in the same period of the previous fiscal year.

The Bangladesh Bank, in its latest revised monetary statement for the second half of the current fiscal year, has expressed hope for the continuation of an upward remittance inflow in the future.

Although the export-import growth remains down, a strong inflow of remittance will keep the overall trade balance at a surplus of $410 million at the end of this fiscal year, according to the Monetary Policy Statement for this fiscal year.

In the first half of the 2019-20 fiscal year, the overall trade balance remained at a surplus of $27 million, according to central bank data.

Top News

remittance / Bangladesh Bank

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Illustration: TBS
    His presence felt everywhere
  • Bangladesh may get annual fixed quota for imports from India
    Bangladesh may get annual fixed quota for imports from India
  • As long as the Padma and the Meghna will flow…
    As long as the Padma and the Meghna will flow…

MOST VIEWED

  • Anwar Group looks beyond slowdown – invests Tk5,000cr
    Anwar Group looks beyond slowdown – invests Tk5,000cr
  • TBS file photo
    Now 99% Bangladesh products come under China’s duty-free offer
  • Photo: Noor-A-Alam
    Dollar climbs to record Tk119 in kerb market
  • Dollar price drops by Tk8 in kerb market
    Dollar price drops by Tk8 in kerb market
  • Photo: TBS
    Govt fixes area-wise staggered holidays for factories
  • Representational image. Picture: Collected
    Gold prices soar by Tk1,954 per bhori

Related News

  • NBFIs can now calculate stock market exposure on cost basis
  • Banks limited to profit highest Tk1 per dollar
  • Bangladesh Bank, MRDI distribute water tanks among 425 families in Sundarbans 
  • BB likely to allow non-authorised dealer banks to buy and sell foreign currency
  • Central bank official made OSD over money embezzlement

Features

As long as the Padma and the Meghna will flow…

As long as the Padma and the Meghna will flow…

Now | Supplement
Baah: A sustainable way to upgrade your home

Baah: A sustainable way to upgrade your home

49m | Brands
15 August 1975: A journey down memory lane

15 August 1975: A journey down memory lane

1h | Supplement
Perhaps it was the respite while in jail that helped Bangabandhu think about wildlife conservation. Photo: Archive

The day Bangabandhu surprised Guy Mountfort

1h | Panorama

More Videos from TBS

Bangabandhu's humane values

Bangabandhu's humane values

Now | Videos
House that reveals story of Bangladesh

House that reveals story of Bangladesh

14m | Videos
"We got caught in the cyclone while shooting Hawa"

"We got caught in the cyclone while shooting Hawa"

13h | Videos
Get your child's Covid vaccine registration done in few easy steps

Get your child's Covid vaccine registration done in few easy steps

13h | Videos

Most Read

1
Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 
Banking

Dollar crisis: BB orders removal of 6 banks’ treasury chiefs 

2
From left Afzal Karim, Murshedul Kabir and Mohammad Jahangir
Banking

Sonali, Agrani and Rupali banks get new MDs

3
Photo: Collected
Transport

Will Tokyo’s traffic model solve Dhaka’s gridlocks?

4
Representational Image. Photo: Collected
Bangladesh

Air passengers should plan extra commute time to airport: DMP

5
Arrest warrant against Habib Group chairman, 4 others 
Crime

Arrest warrant against Habib Group chairman, 4 others 

6
Ambassador of Switzerland to Bangladesh Nathalie Chuard. Photo: Courtesy
Bangladesh

Bangladesh never asked for particular info from Swiss bank: Ambassador

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2022
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]