Photo-collected.
Dhaka/

Amid the dollar-crisis, the income of expatriates in Bangladesh was less in May. Last May, expatriate income reached 169 million 16 million dollars, which is 10.27 percent less than the same period of the previous year. Before this, in April last year, the income was 16.26 percent less than the same period of the previous year. This information is obtained from Bangladesh Bank’s updated report on expatriate income.

Bankers say that usually a good amount of expatriate income comes to Bangladesh before Eid. At this time, the expatriates send a large amount of income to the country to provide the additional expenses of the family members for Eid. However, the Eid month of April did not bring good income. The same trend continues in May.

Banks can now buy expatriate income at a maximum rate of 108 taka 50 paise per dollar, effective from June 1. Due to low expatriate income, banks have increased the dollar price of expatriate income on the advice of the central bank. Earlier, the price of the dollar in expatriate income was 108 rupees.

It is known that the dollar price in hundi is about 110 taka. Bangladesh Bank has to face punishment if the banks pay more per dollar than the fixed price. Because of this, banks are not able to bring income by paying higher prices.

According to the data of Bangladesh Bank, 133.62 million dollars came through private banks in the whole month of May, 138.35 million dollars came through these banks in April. On the other hand, 288.6 million dollars came through state-owned banks. In April, 24 crore 45 lakh dollars came through these banks. 5 crore 99 lakh dollars came through Specialized Agricultural Bank, 4 crore 99 lakh US dollars came through the bank in April. 68 lakh 50 thousand dollars came in May through foreign banks. 5.5 million US dollars came in the month of April.

According to the data of the Central Bank, the income in May was 6.7 million dollars less than in April. 168.49 million dollars came in April. Expatriate income of $202.24 million came to Bangladesh last March, which is $460 million more than February’s income. Expatriate income in February was 1.56 billion dollars. It was 39.76 million dollars or about 20 percent less than in January. Expatriates sent about 196 million dollars in January.

The government has taken various initiatives to bring more expatriate income to the country through banks. However, expatriate income through banks is not increasing as expected. A trend has also been observed that expatriate income increases in one month and decreases in another month. Expatriate income picked up slightly in January this year but declined in February. In the next month, i.e. March, good condition was again seen in expatriate income. which decreased again in April. Although there was a slight increase in May, it was lower than the same period last year.

Dollar-crisis has been going on in Bangladesh since March last year. Now the price of this currency is gradually increasing, so that more dollars come into the country.

The central bank also increased the price of the dollar
Bangladesh Bank has fixed the selling price of the reserve dollar at 106 taka, which was earlier 104 taka 50 paisa. Banks are giving the dollar price of export income at 107 rupees. As a result, the official price of the dollar for imports is now around 108 rupees. In all cases, Bangladesh Bank is raising prices as part of unifying the price of the dollar. And the banks are slowly trying to market the dollar price.

Finance Minister AHM Mustafa Kamal also said that the price of the US dollar is market-based. Finance Minister AHM Mustafa Kamal made this announcement in the budget of the fiscal year 2023-24. He presented this budget in the national parliament on Thursday.

Meanwhile, due to the sale of dollars to the banks, the foreign currency reserves of Bangladesh Bank are constantly decreasing, which has now decreased to 29.91 billion dollars. Reserves rose to $48 billion in 2021.

Finance Minister AHM Mustafa Kamal has expressed hope that the country’s foreign exchange reserves will start increasing in a short time. At the same time, to reduce the pressure on the dollar, he said that steps should be taken to reduce imports, increase exports and expatriate income. The finance minister highlighted these issues in the budget speech.