Banks face cash withdrawal pressure ahead of Eid

Commercial banks witnessed a huge rush of clients withdrawing cash to meet their Eid expenditures ahead of the three-day Eid-ul-Azha vacation beginning on Friday, reports BSS.

Over the last two days, the banks in the metropolis were packed with clients withdrawing money, especially remittances. Expatriates generally send a large amount of money to their relatives before Eid-ul-Azha for purchasing animals to sacrifice in the name of Almighty Allah, said an official of the Islami Bank Bangladesh Limited (IBBL).

“On Tuesday, we received US $18.13 million remittance from different countries, including the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE). Yesterday, we have already received $11.90 million till 2.30pm which is likely to cross yesterday’s amount at the end of the day,” he added.

On Tuesday, he said, IBBL received $5.56 million from KSA and $1.90 million from UAE. In the current month, IBBL has already received $286 million remittance from expatriate Bangladeshis, he added.

According to the latest data of Bangladesh Bank, the country has already received $1,039.11 million remittance from expatriate Bangladeshis in the first 25 days of the month.

Banks face cash withdrawal pressure ahead of Eid

Commercial banks witnessed a huge rush of clients withdrawing cash to meet their Eid expenditures ahead of the three-day Eid-ul-Azha vacation beginning on Friday, reports BSS. Over the last two days, the banks in the metropolis were packed with clients withdrawing money, especially remittances. Expatriates generally send a large amount of money to their relatives before Eid-ul-Azha for purchasing animals to sacrifice in the name of Almighty Allah, said an official of the Islami Bank Bangladesh Limited (IBBL). On Tuesday, we received US $18.13 million remittance from different countries, including the Kingdom of Saudi Arabia (KSA) and the United Arab Emirates (UAE). Yesterday, we have already received $11.90 million till 2.30pm which is likely to cross yesterdays amount at the end of the day, he added. On Tuesday, he said, IBBL received $5.56 million from KSA and $1.90 million from UAE. In the current month, IBBL has already received $286 million remittance from expatriate Bangladeshis, he added. According to the latest data of Bangladesh Bank, the country has already received $1,039.11 million remittance from expatriate Bangladeshis in the first 25 days of the month.