Due to the shortage of cash dollars, the use of foreign currency through credit cards for foreign travel has increased. Through this, most dollars are going to India from Bangladesh. On the other hand, US citizens receive more dollars than other countries. This information has emerged in the latest updated report published by Bangladesh Bank related to credit cards.
It can be seen there, the use of credit cards outside the country has increased by about 19 percent in December compared to November last year. 487 crore 40 lakh taka was transacted using credit cards outside the country in November. And in December, 579 crore 30 lakh taka were spent using credit cards outside the country. That is, the cost has increased by 92 crores or 18.86 percent within a month.
At this time, Bangladeshis used credit cards mostly in India. In the country, the consumption increased by 32.72 percent in December compared to November. In December, Bangladeshis spent Tk 115.6 million in the neighboring country, India. In the previous month in November, the amount was 87 crores and 10 lakhs taka.
The Statistics Department of Bangladesh Bank has collected data from various commercial banks and financial institutions of the country and analyzed the data related to credit card transactions for two months. It has also revealed information about the use of credit cards by foreign nationals inside the country.
According to the data, foreign nationals made purchases of Tk 184 crore using credit cards within the country last December. In the previous month in November, the amount was 193 crores and 80 lakhs taka. In December, 25.38 percent of credit cards were used by US citizens. The citizens of the country have spent 46 crore 70 lakh taka in the month under discussion. Citizens of the United Kingdom in the next position spent Tk. 24 crore 40 lakhs. And the citizens of India in the third position made 16 crore 90 lakh taka.
Analyzing the use of credit cards, it can be seen that in most cases, the use of credit cards has increased in the department stores of the country. Domestic spending on credit cards in December was Tk 2,674 crore. Out of this, 48.97 percent of the credit card transactions are in department stores. Apart from this, 12.78 percent of money has been withdrawn from the outlet. According to the calculations, 9.13 percent of utilities, 8.18 percent of cash withdrawals, 6.19 percent of clothing purchases, 4.90 percent of medicines and pharmacies, 3.61 percent of transportation, 2.12 percent of business services, 3.18 percent of remittance.
Analyzing the type of card in the transaction, it can be seen that most transactions were made through VISA card at this time. Its amount is 70.42 percent. Next came Master Card. The transaction amount through this card is 18.35 percent. Apart from this, the remaining 11.23 percent transactions were made on other cards.
Analyzing data on cross border transactions of credit card holders of the country, it can be seen that credit cards have been used in similar places and needs abroad as in the country. About 28.25 percent of credit cards were used in department stores abroad in December. Apart from this, other sectors include 15.66 percent in money withdrawal, 12.90 percent in medicine and pharmacy, 12.90 percent in clothing purchase, 6.95 percent in transportation and 17.95 percent in other fields.