Card-based foreign exchange transaction approaches Tk 400 Cr for the primary time in June

Card-based foreign exchange transaction approaches Tk 400 Cr for the primary time in June

A file photograph reveals the headquarters of Bangladesh Financial institution within the capital Dhaka. International foreign money card transactions hit an all-time excessive of Tk 397 million in June because the variety of individuals touring overseas and their choice for utilizing playing cards elevated. – Picture of the New Period

International foreign money card transactions hit an all-time excessive of Tk 397 million in June because the variety of individuals touring overseas and their choice for utilizing playing cards elevated.

In response to Bangladesh Financial institution information, international foreign money card transactions elevated to Tk 397 million in June from Tk 356.6 million within the earlier month.

In June 2021, international foreign money transactions had been Tk 125.3 billion.

Transactions crossed Tk 300 million for the primary time in Could after reaching Tk 280 million in March 2022.

Bankers mentioned individuals largely used international foreign money from their credit score and debit playing cards throughout their journeys overseas.

Vacationers use their international foreign money on their playing cards primarily to pay for aircraft fares and journey bills, e book motels and meet purchasing bills, amongst others, they mentioned.

In response to Bangladesh Financial institution guidelines, every cardholder can spend as much as $12,000 per yr as private entitlement.

International foreign money transactions are growing day-to-day as many individuals have traveled overseas following the lifting of Covid-focused journey restrictions.

Additionally, an increasing number of individuals had been discovering it protected and simple to make use of playing cards as a substitute of carrying money, bankers mentioned.

Because of the latest greenback disaster, the central financial institution urged vacationers use playing cards as a substitute of going for high-priced foreign money notes, they mentioned.

Nonetheless, bankers mentioned elevated international foreign money transactions had been additionally placing stress on the foreign exchange market.

The nation has been scuffling with the greenback disaster because of the document improve within the commerce deficit and the decrease influx of remittances.

Bangladesh’s commerce deficit has hit an all-time excessive of $33.25 billion within the 2021-22 monetary yr amid rising imports and commodity costs within the world market.

The greenback trade charge touched a excessive of Tk 119 on August 10 within the brake market.

The greenback interbank charge has been hovering round Tk 95 for the previous few weeks.

Card-based international foreign money transactions had crossed Tk 250 million for the primary time in January 2020, however began to fall sharply amid journey restrictions because of the worldwide Covid outbreak.

International foreign money card transactions began to recuperate strongly after July 2021 with the relief of journey restrictions and the quantity exceeded Tk 250 million in December 2021.

International foreign money use of playing cards fell dramatically after the Covid outbreak.

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