Remittance mainly comes from Middle Eastern countries, such as the United Arab Emirates, Saudi Arabia and Kuwait….reports Asian Lite News
Remittances from millions of Bangladeshis living and working overseas totalled nearly $9 billion in the July-October period, central bank data showed.
According to the data, released on Sunday, the inflow of remittances from Bangladeshis increased by more than 30 per cent year on year to 8.94 billion dollars in July-October of the 2024-25 fiscal year, reports Xinhua news agency.
The data shows that remittance, one of the key sources of foreign exchange for the impoverished nation, surged over 21 per cent year-on-year to 2,395.08 million dollars in October.
The remittance was 2,404.11 million dollars in September. Bangladesh’s remittances grew 10 per cent year-on-year to 23.91 billion dollars in fiscal 2023-24, with the receipts last June standing at 2.54 billion dollars.
Remittance mainly comes from Middle Eastern countries, such as the United Arab Emirates, Saudi Arabia and Kuwait.
Meanwhile, Bangladesh’s top business body chief said that trade with India will not be affected in the long term due to unrest, despite the decline in trade between the two neighbours.
“After the government change (in Bangladesh), we find some downflow trade between the two countries. But I believe this is not for the long term,” Md. Hafizur Rahman, Administrator of the Federation of Bangladesh Chambers of Commerce and Industry (FBCCI), said exclusively to ANI.
“India is the second largest import source of raw materials and other goods for Bangladesh. Bangladesh imports from India around USD 14 billion annually. Major part of import is raw materials. When export declines, import of raw materials also declines”, he added.
Rahman said that Bangladesh would overcome the difficult situation soon.
“Recently, Bangladesh faced such a situation where we saw some decline in the import of raw materials. On the other hand, the previous year, we had imported around USD 83 billion from the global market.
Because of the shortage of foreign currency reserves, high exchange rate, and big change in the exchange rate from 85 taka per dollar. Last year, Bangladesh’s imports declined around 20 per cent. It is because of the foreign currency and reserve crisis. I believe within short times, we will overcome,” Rahman, who is also a member of the Bangladesh Competition Commission, said.
“It is a revolutionary change. It has effects for the time being. Now it is calm and quiet. We have the trade relations. Bangladesh’s government is not restricting anything. For our industry, for the people, we want trading relations (with India) in take place all the time,” he added.
Rehman said that despite the political uncertainity Bangladesh’s trade relations remain healthy.
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