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Headline:
Bangladeshis Spent Tk 77 Crore in the US via Credit Cards in September
Sub-headline:
US Tops the List of Overseas Credit Card Spending, Overtaking India Amid Changing Trends
Bangladeshis spent approximately Tk 77 crore in the United States via credit cards in September, making it the highest expenditure destination for overseas card usage, according to a recent report by Bangladesh Bank. This marks a shift from India, which previously held the top spot but now ranks second.
The report highlights that changes in the country's political landscape and subsequent restrictions have impacted credit card usage abroad. Before July, India was the most frequent destination for Bangladeshi credit card users. However, over the past three months, expenditures in India have decreased significantly, allowing the US to take the lead.
In September, Bangladeshi credit card users spent Tk 51 crore in India, a sharp decline compared to June, when spending reached Tk 92 crore. This represents a nearly 50% reduction in just a few months.
Visa Restrictions Curb Spending in India
Bank officials attribute the decline to stricter visa policies implemented by India since July. Travel visas for Bangladeshi nationals have been limited, except for emergencies such as medical treatment. This has significantly reduced the number of Bangladeshi travelers to India, resulting in lower credit card usage.
Global Credit Card Spending Trends
According to Bangladesh Bank's data, Bangladeshi nationals spent a total of Tk 421 crore abroad in September using credit cards, compared to Tk 373 crore in August. This indicates a 13% increase in a month, with significant growth in expenditures in countries like Thailand, Malaysia, and the Netherlands.
For instance, spending in Thailand rose from Tk 33 crore in August to Tk 42 crore in September, reflecting a 27% increase. Similarly, credit card expenditures in Malaysia and the Netherlands increased by Tk 5 crore each within the same period.
Domestic Credit Card Spending Also On the Rise
The report also sheds light on domestic credit card usage. In September, Bangladeshis spent Tk 2,668 crore locally via credit cards, up from Tk 2,332 crore in August. This represents an increase of Tk 336 crore or 14.4% within a month.
Bangladesh Bank Report Details
The central bank's statistics department compiled the report based on data from 44 banks and one financial institution that issue credit cards in the country. The report provides insights into credit card spending by Bangladeshi nationals both at home and abroad, as well as by foreign nationals within Bangladesh.
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