Remittance decreases amid dollar crisis

Inward remittance has decreased by 13 per cent after the government fixed the rate of dollars.

Expatriates have sent a total of 1.88 billion US dollars in May, which is less than April this year and the corresponding May last year.

It is learnt some banks have bought per dollar at Tk 95 from expatriates in the outgoing month and sold those at a higher price in the country. It has mounted a pressure on the people. The price of essentials has increased due to increasing dollar price.

Under such a circumstance, Bangladesh Bank fixed the rate of dollar at Tk 89.80 for banks on 29 May. As a result, the inward remittance decreases in the formal channel for the last three days of May.

Dollar is being sold at Tk 96-97 in the kerb market. Wage earners' income is also being collected through hundi at Tk 92-93 abroad. Banks are providing dollar at Tk 89.80. Remittance has decreased through the legal channel.

Bankers said money is being remitted through hundi rather than the legal channel due to big difference in price. Around Tk 95 is being given against a dollar if money is sent through hundi. So time has come for the central bank to review the price of dollar fixed by it.

Meanwhile, the transaction was suspended in America on Monday due to Memorial Day. Sunday was weekend. So no remittance is sent for two days.