$135 million remittance received in 25 days of November

[mmr]

Taka may fall to Tk200 to a dollar if this sending of money by the BAL cronies and businesses continue for a few weeks into December.

The FEReserves will continue to be depleted as pressure on dollar continues. Very bad situation.

I wonder what that IMF loan money would do when our own dollar money is being laundered by the BAL cronies.

Less dollars will cause a panic when the GoB will pay back about $2.75 billion worth of foreign loans by July next year.

Taka 200 is fair. Let market decide what should be the rate.

Bd has faked its gdp data for years to show high mominal per capita income. This year bd taka lost 25 percent and by next year should be another 30 to 40 percent. Which mean bd gdp will go below 250 billion dollar which make more sense given the underwear powerhouse it is.

as per butter chicken delivery boys of uk bd is of course future Asian tiger lolz

From what i understand hundi works the following way.

You give someone money in sterling in UK, they ask their agents in BD to give your family money in taka. So the sterling balance does not enter BD banking channel formally.

If you wish to buy stetling but can not do it via official channel you buy at kerbside... how they physically gets the sterling into BD I am not sure.

For the first case BoB can track and should shut down hundi transfers and they are doing that to some extent.

Second not sure what you can do.

In terms of losing hard currency, that is happening through overinvoicing. So a BD based company need to pay for something to an overseas company. The scam is undertaken in the following way by introducing a third overseas company as middlemen.

So company A needs to buy some cotton lets say for $100. They cotton is sourced from company B. But company A creates company C overseas, who buy $100 of cotton from company B but they sell it to company A for $150 and invoices.

The $ is sourced from BB and $50 leaves BD fraudulently.

This been happening for ages. Almost every business person in bd does that. Over and under invoice cost bd 20 to 25 billions.

And then you have big business who are going bankrupt intentionally and refuse to pay loan. And most of these loans then convert to usd and taken out from bd. Recently islami bank lost close to 9000 core from fraud. Real number probably lot higher. I personally know a Chittagong famous business family who keep bringing millions in Canadian real estate for years. And his brothers and sisters in USA Australia and uk doing same shit.

Good luck stopping money laundering when top to bottom is corrupt and no one gives **** about following the law.

 

[bluesky]

Bd has faked its gdp data for years to show high mominal per capita income. This year bd taka lost 25 percent and by next year should be another 30 to 40 percent. Which mean bd gdp will go below 250 billion dollar which make more sense given the underwear powerhouse it is.

as per butter chicken delivery boys of uk bd is of course future Asian tiger lolz

the strength of BD GDP is no more than $200 billion. So, when Taka falls, the real GDP will come out open at $250 billion. The BAL govt has kept Taka high to claim a higher GDP when the country produces nothing but garments. Almost no industries for consumer goods!!

 

[mmr]

the strength of BD GDP is no more than $200 billion. So, when Taka falls, the real GDP will come out open at $250 billion. The BAL govt has kept Taka high to claim a higher GDP when the country produces nothing but garments. Almost no industries for consumer goods!!

In a sense it’s good taka is falling. Let free market decide what is the real rate. If Pakistan rupee is 250 then bd taka should be close. After all both countries have same fundamentals. Two main source for both are Textiles and remittances.

 

[Imran Khan]

the strength of BD GDP is no more than $200 billion. So, when Taka falls, the real GDP will come out open at $250 billion. The BAL govt has kept Taka high to claim a higher GDP when the country produces nothing but garments. Almost no industries for consumer goods!!

its not only this BD gov also show less population numbers . in fact they never had census since 2011 . The last census taken in the country was the 2011 census . 11 years ago .then in 2022 . no way BD is less then 200mn people .

In a sense it’s good taka is falling. Let free market decide what is the real rate. If Pakistan rupee is 250 then bd taka should be close. After all both countries have same fundamentals. Two main source for both are Textiles and remittances.

here we have another shit also . we devide the resources on base of population .so every province try to show more numbers of people to get more funds . . we counted karachi 20mn heads but they are still not happy they want to make it 25mn minimum so they can get more funds .

Taka 200 is fair. Let market decide what should be the rate.

Bd has faked its gdp data for years to show high mominal per capita income. This year bd taka lost 25 percent and by next year should be another 30 to 40 percent. Which mean bd gdp will go below 250 billion dollar which make more sense given the underwear powerhouse it is.

as per butter chicken delivery boys of uk bd is of course future Asian tiger lolz


This been happening for ages. Almost every business person in bd does that. Over and under invoice cost bd 20 to 25 billions.

And then you have big business who are going bankrupt intentionally and refuse to pay loan. And most of these loans then convert to usd and taken out from bd. Recently islami bank lost close to 9000 core from fraud. Real number probably lot higher. I personally know a Chittagong famous business family who keep bringing millions in Canadian real estate for years. And his brothers and sisters in USA Australia and uk doing same shit.

Good luck stopping money laundering when top to bottom is corrupt and no one gives **** about following the law.

its not only this BD gov also show less population numbers . in fact they never had census since 2011 . The last census taken in the country was the 2011 census . 11 years ago .then in 2022 . no way BD is less then 200mn people . its also a method to increase GDP per capita.

 

[mmr]

its not only this BD gov also show less population numbers . in fact they never had census since 2011 . The last census taken in the country was the 2011 census . 11 years ago .then in 2022 . no way BD is less then 200mn people .


here we have another shit also . we devide the resources on base of population .so every province try to show more numbers of people to get more funds . . we counted karachi 20mn heads but they are still not happy they want to make it 25mn minimum so they can get more funds .


its not only this BD gov also show less population numbers . in fact they never had census since 2011 . The last census taken in the country was the 2011 census . 11 years ago .then in 2022 . no way BD is less then 200mn people . its also a method to increase GDP per capita.

Yup fake to the core. Less population to show higher per capita and then force taka to peg with dollar to show higher nominal gdp. It’s all coming down to toilet now.

Bd at the end of the day is a country that get 90 percent export by selling cotton underwear and remittances from low skilled labor from Middle East. 30 years ago it was same now still the same. Just remittance amount and underwear export increased but no progress on Fdi, move to higher value chain or diversified economy.

 

[Imran Khan]

Yup fake to the core. Less population to show higher per capita and then force taka to peg with dollar to show higher nominal gdp. It’s all coming down to toilet now.

Bd at the end of the day is a country that get 90 percent export by selling cotton underwear and remittances from low skilled labor from Middle East. 30 years ago it was same now still the same. Just remittance amount and underwear export increased but no progress on Fdi, move to higher value chain or diversified economy.

personally i have spend very long time 21 years with bangladeshis and indians . on ground there is little change i noticed new generation is bit more educated then older on in all three countries . but over all trends are not different . it was 65 USD per month salary of lowest workers back then and today its 215 to 250$ in gulf . but jobs are same . i did not mean to insult anyone here but lowest Pakistani workers are still construction workers with 400$ to 500$ salary and bangladeshis are still same sanitary workers cleaning roads and filling dust bin in trucks trash collection with 215 to 250 $ salary . i cant see any changes . in fact back then in 2000 BD did not send maids for 275$ per month now they are everywhere .

 

[Destranator]

The government and the central bank have taken several initiatives including relaxation of various conditions, waiver of charge fees to increase remittances through legal channels. Still there is no positive response. In other words, the income of expatriates in the legal way is continuously decreasing. However, according to the data of Bangladesh Bank, in the first 25 days of this month, expatriates have sent remittances to the country of 134 million 71 million US dollars. If this trend continues, the expatriate income will reach 1.6 billion dollars at the end of November.

On Sunday (November 27), the central bank said that out of the amount of remittances received on November 25, 23.4 million dollars came through state-owned banks, 2.88 million dollars through a specialized bank, 107.98 million dollars came through private banks and 4.4 million USD remittance came through foreign banks.


In February last year, remittances came in at 149.44 million US dollars. After that, the remittance flow fluctuated, but the remittance flow did not decrease as much as last October. Last October, remittances came in at 1.525 billion US dollars, which was the lowest in 8 consecutive months. In October 2021, remittances reached 1.64 billion 69 million dollars.


On the 25th day of this November, the largest number of remittances came through Islami Bank. 32.88 million dollars came through the bank. After that, Agrani Bank received 9.6 million dollars, Dutch Bangla Bank 8.55 million dollars, Sonali Bank 8.14 million dollars and Al Arafa Islami Bank received 6.45 million dollars.

Meanwhile, after the message from various quarters that 'unless money laundering and black money is reduced, remittances will not increase even through legal means', Bangladesh Financial Intelligence Unit (BFIU) was formed to prevent money laundering and terrorist financing in a new strategy to prevent hundi. BFIU temporarily suspended withdrawal of remittances sent through Hundi to 230 beneficiaries recently.

২৫ দিনে রেমিট্যান্স এলো ১৩৫ কোটি ডলার

বৈধ পথে রেমিট্যান্স বাড়াতে বিভিন্ন শর্ত শিথিল, চার্জ ফি মওকুফসহ বেশ কিছু উদ্যোগ নিয়েছে সরকার ও কেন্দ্রীয় ব্যাংক। তারপরও ইতিবাচক সাড়া মিলছে না। অর্থাৎ বৈধ পথে প্রবাসী আয় ধারাবাহিকভাবে কমছে। তবে বাংলাদেশ ব্যাংকের তথ্য অনুযায়ী, চলতি মাসের প্রথম ২৫ দিনে প্রবাসীরা দেশে...

www.banglatribune.com

Is editing even a thing at this news outlet? 135 million in 25 days????

Edit: Article is fine. It is just poor translation.

 

[bluesky]

Is editing even a thing at this news outlet? 135 million in 25 days????

Edit: Article is fine. It is just poor translation.

I also fell for $135 million written at the title. I requested @waz to correct it to $1,350 million. But, no action yet.