The government has disbursed a second tranche of Tk 10 billion as a cash incentive for scheduled banks in the October-December period of 2023, said sources.
This initiative aims to boost remittance inflows through official channels amid a slight dip in November.
A finance ministry official confirmed the instalment has been released to the central bank, with the Office of the Controller General of Accounts (CGA) authorised to manage the funds.
The incentive scheme rewards banks for channelling remittances. Introduced in January 2022, it offers an additional Tk 2.5 for every Tk 100 remitted through official channels.
This initiative aims to counter informal 'hundi', which can offer higher exchange rates but carry greater harm to the forex stock. Hundi operators may offer Tk 10 or more per US dollar compared to banks, but lack transparency and legal protection.
Official data released Sunday shows monthly remittance receipts fell from $1.98 billion in October to $1.93 billion in November -- a 2.4 per cent decline. However, the November figure still represents a modest annualised increase.
Bangladesh Bank data also shows that total remittance earnings for the first five months of the current fiscal year are roughly on par with the same period last year, reaching $8.8 billion.
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