Remittances inflow, consumer spending, tourism stimulate substantially amid headwinds
Economic transections, activities triggered by Eid-ul-Fitr, the largest consumption-driven event, substantially vitalize country’s economy amid headwinds blowing from both internal and externaldirections.
Remittance inflows, consumer spending, surged sharply in the run-up to Eid-ul-Fitr, domestic tourismbooms as seven-day Eid holiday begins boosting cash circulation, posting strong economic mobilization.
Despite tensions in the Middle East stemming from the US-Israel war on Iran, remittance inflows rose sharply in the first two weeks of March ahead of the Eid-ul-Fitr festival.
Reflecting a strong seasonal support, expatriate Bangladeshis sent home $2.20 billion in the first 14 days of this month, up 36 percent from $1.62 billion during the same period last year , Bangladesh Bank data latest data showed.
Correspondingly, markets insiders said Eid-centered transactions driven by cash flow, retail sales expected to circulate nearly Tk2,50,000 crore this time which usually ranged between Tk200,000 crore to Tk2,20,000 crore in recent years.
Despite inflationary pressure people witnessed witch squeezed spending ability, people shop at markets according to their spending ability as Muslims across the country prepare for the upcoming Eid al-Fitr festival.
From early morning until late at night, markets and shopping centers are crowded with buyers. Shoppers are moving from one store to another in search of their preferred items.
Sales in clothing, footwear, cosmetics, and gift items have risen 3-4 times compared to regular days.
Helal Uddin, President Bangladesh Shop Owners Association (BSOA), told The New Nation every year it is expected that sell will grow by 10 percent and this year it is estimate that total transactions during the Eid-ul-Fitr season will reach to Taka 2.5 to 2.55 lakh crore.
More significantly this year sells mainly propelled by locally produced goods especially local garments, foot wares which producing extra mileage to the economy, he added.
Likewise, domestic tourism set to boom during Eid -ul -Fitr holidays.It is reported that high-quality hotels have already recorded 50-60 per cent bookings in Cox’s Bazar and Kuakata.
It is claimed nearly 1.5 million tourists travelled every year to different destinations during Eid, but there is no official data to back this claim.
Although seven-day Eid holiday begins, Peak domestic tourist flow is expected between 19 and 24 March.
Fourthermore, automated banking transactions also surged amid festival splurges with ATMs (automated teller machines), internet banking and Mobile Financial Service
Sector insiders said the use of the ATMs, internet banking and MFS gets enhanced by more than 50 per cent ahead and during the Eid holiday.
