Business Report: Remittances sent by Bangladesh’s expatriates have surpassed $10 billion in the first four and a half months of the current fiscal year.
From July to November 13, Bangladeshis living abroad sent a total of $10.03 billion (or $1,003 crore) through banking channels.
This marks a 27.32% increase compared to the same period last year, when remittances amounted to $7.88 billion (or $788 crore).
Along with strong export earnings, the growth in remittances has brought some stability to the dollar market.
According to Bangladesh Bank, on November 13 alone, expatriates sent $130 million via banking channels.
In the first 13 days of November, a total of $1.09 billion has been received, which is nearly $90 million or 9.30% higher than the $100 million received in the same period last year.
From July to October of the current fiscal year, $9.84 billion was sent through banking channels, marking a 29.93% increase compared to the same period last year.
Over the first four months of the current fiscal year, Bangladesh also exported $15.79 billion worth of goods, up 10.80% from the previous year.
As a result, the value of the US dollar has remained stable at around 120 Taka since the government’s change in power on August 5.
Additionally, the country has made significant foreign debt repayments, including $2.87 billion in arrears and $1.5 billion in previous government debt.
Despite these payments, Bangladesh’s foreign exchange reserves remain at $18.44 billion, down from $20.49 billion at the end of July.