Economy
Sharp Rise in Remittance Inflows Preceding Eid Celebrations
As the auspicious occasion of Eid-ul-Adha draws near, the country has witnessed a remarkable growth in remittance inflows, with expatriates sending a staggering $1.79 billion during the last 23 days of June.
According to data released by the Bangladesh Bank, remitters had transferred $1.69 billion in May and $1.68 billion in April, indicating a consistent upward trend. Notably, from June 1 to June 23, the highest remittance of $291 million was received through Islami Bank Bangladesh, followed by state-owned Agrani Bank, which channeled $115 million. The third-highest amount, standing at $114 million, was brought home by the private commercial lender Premier Bank.
This surge in remittance inflows highlights the deep-rooted connection between migrants and their home country, as well as the significance of Eid-ul-Adha as a time for familial celebration and sharing joy. The substantial increase in remittances showcases the dedication and commitment of expatriates toward ensuring their families and loved ones can partake in the festivities and experience financial support during this joyous period.
The influx of remittances is expected to have a positive impact on the country’s economy, stimulating consumption and contributing to overall economic growth. The funds received through remittances play a vital role in improving the living standards of families back home, facilitating investments in education, healthcare, and various other sectors.
The banking sector, particularly Islami Bank Bangladesh, Agrani Bank, and Premier Bank, has played a crucial role in facilitating these remittance transactions efficiently and securely. The consistent growth in remittance inflows highlights the trust and confidence placed by expatriates in these banks, recognizing their reliability and customer-oriented services.
As Eid-ul-Adha approaches, the nation eagerly anticipates the positive effects of these remittance inflows, fostering a sense of unity, prosperity, and happiness among families across the country. The remittance surge serves as a testament to the enduring bonds between migrants and their homeland, underscoring the crucial role they play in contributing to the economic well-being of their families and the nation as a whole.
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.
