Staff Correspondent:

Bangladeshi credit cardholders’ transactions in India have dropped dramatically. In February of this year, spending fell to only Tk 290 million, which is a 73.15 percent decrease compared to the same period in the previous year.

In February 2024, Bangladeshi spending via credit cards in India was Tk 1.08 billion.

These details have been revealed in the Bangladesh Bank’s monthly report titled “An Overview of Credit Card Usage Pattern Within and Outside Bangladesh.”

According to the report, Bangladeshis spent a total of Tk 3.83 billion abroad via credit cards in February this year. This is 13.93 percent lower than January’s spending of Tk 4.45 billion. In February of the previous year, the amount was Tk 4.99 billion.

Currently, the United States ranks at the top of the list in terms of Bangladeshi credit card spending abroad. In February, Bangladeshis spent Tk 520 million in the U.S., compared to Tk 680 million in January. Thailand, which is in second place, saw a spending of Tk 460 million in February, down from Tk 640 million in January.

However, spending in Singapore has increased slightly. In February, Bangladeshis spent Tk 390 million there, compared to Tk 380 million in January.

In Malaysia, spending was Tk 300 million in February, down from Tk 350 million in January. In the United Kingdom, the spending was Tk 300 million, compared to Tk 330 million in January.

India, once at the top of the list for Bangladeshi credit card expenditures, has now dropped to sixth place. In January, spending in India was Tk 320 million, and in February it decreased to Tk 290 million.

According to Bangladesh Bank, in August 2023, amid a political transition in Bangladesh, the Indian government imposed stricter visa procedures. This led to a decline in the number of Bangladeshi tourists traveling to India.

Previously, in July of last year, spending by Bangladeshis in India through credit cards was Tk 730 million, and in June it was Tk 920 million. From this data, it is evident that travel and spending in India have significantly decreased compared to previous times.

A senior official at Bangladesh Bank said, “After the political shift in August, the number of Bangladeshis traveling to India has dropped considerably. Now, their preferred destinations are Singapore, Malaysia, and Thailand.”

Meanwhile, spending by foreigners in Bangladesh via credit cards has increased. In February, they spent Tk 2.68 billion, which is 6.35 percent higher than January’s figure of Tk 2.52 billion.

Among foreigners, U.S. citizens spent the most in Bangladesh—Tk 880 million—followed by the United Kingdom (Tk 270 million) and India (Tk 160 million).

These figures indicate that while Bangladeshi interest in India is waning, there is a growing interest in other countries, and at the same time, foreign interest in the Bangladeshi market is also increasing.