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Remittance falls since introduction of single exchange rate

Published : Friday, 2 December, 2022 at 12:00 AM  Count : 181
Business Correspondent

Remittance fell for the third month in a row since introduction of single exchange rate in September.
From September to November, Bangladesh received on an average $1.5 billion per month in remittance, according the Bangladesh Bank (BB).
Before introduction of single exchange rate,  expatriate Bangladeshis sent $2.09 billion in July and  $2.03 billion in August.     Bangladesh received $4.65 billion in remittance in three months from September to November, compared to $4.92 billion during the corresponding  period of the previous fiscal.
In other words remittance fell by $267 million or by  over five per cent during September to November of this fiscal.
Explaining the disadvantage of single exchange rate, a private bank Managing Director said, earlier many banks conveniently paid higher amounts to remitters.
Since introduction of single exchange rate, the banks cannot collect remittances for which the flow of remittance fell, said the banker.
Calling it a matter of concern, the banker said that  BB should find out the reasons why remittance had dropped.
BB is unlikely to change interest rate on bank loans anytime soon, Governor Abdur Rouf Talukder said on Thursday.

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