Credit card spending by Bangladeshis rises: BB

Credit card transactions by Bangladeshi citizens both at home and abroad have increased, while spending by foreign nationals within Bangladesh has declined, according to the central bank.

In June, Bangladeshis spent Tk 224 crore more abroad using credit cards compared to May. Domestic credit card spending also rose by Tk 173 crore during the same period.

The information was revealed in the latest Bangladesh Bank report on credit card usage inside and outside the country.

According to central bank data, Bangladeshis spent Tk 812 crore abroad using credit cards in May. In June, this expenditure jumped to Tk 1,037 crore, marking an increase of about Tk 225 crore in a single month.

The highest amount of credit card spending by Bangladeshis abroad in June was recorded in the United States, totaling Tk 85.01 crore.

This was followed by Tk 58.05 crore in Thailand, Tk 49 crore in Saudi Arabia, Tk 46.02 crore in the United Kingdom, Tk 40.04 crore in Singapore, Tk 37 crore in India, Tk 33 crore in Malaysia, Tk 24 crore in Canada, Tk 22 crore in the Netherlands, and Tk 18 crore in Australia.

In addition, Bangladeshis spent Tk 16 crore in Ireland and nearly Tk 95 crore in other countries combined.

Central bank statistics show that domestic credit card usage also grew in June.

In May, Bangladeshi citizens spent Tk 4,287 crore domestically using credit cards. In June, the figure rose to Tk 4,461 crore, representing an increase of over Tk 173 crore in one month.

Conversely, credit card spending by foreign nationals residing or visiting Bangladesh decreased.

Foreigners spent Tk 312.04 crore via credit cards in May. In June, their expenditure dropped to Tk 241.05 crore, reflecting a decrease of nearly Tk 71 crore.

US citizens spent the most in Bangladesh using credit cards in June, totaling Tk 49.08 crore. UK citizens spent Tk 22.09 crore, while Indian nationals spent Tk 18.09 crore.

The Bangladesh Bank report highlights a monthly snapshot of credit card usage by Bangladeshi and foreign citizens, indicating a clear upward trend in card-based spending by Bangladeshis both at home and abroad from May to June.

-SA