Yen vs Taka Remittance Exchange Rate Analysis

Author: Iqbal Hossain
Date: 2018-08-01

Objective:

Find the remittance exchange rate behavior of Japanese Yen vs Bangladesh Taka

Beneficiaries:

People from Bangladesh living in Japan who remit their income to Bangladesh

Background:

According to the statistics from Japan immigration, 12,374 (2016)[1] Bangladeshi people lived in Japan. Their average remittance rate is $739/month/person[1]. Last 7 years it was $59,068/year (2016)[1]. More or less everyone send their income to their family to have better financial condition.

In fact I am getting regular notification in mail since last 2 years from remittance company regarding daily based remittance rate of Yen vs Taka. Recently due to my personal curiosity, I used Google API to fetch all those data from my mail account and got data from December 2016 to July 2018. I analyzed those filtered and analyzed those data to understand the rate changes behavior. 335 days’ data were analyzed.

Interestingly I found following result. You may get higher rates of exchange during February - March of every year and get lower rates during April - July. Red box marks to higher exchange rate and yellow box marks to lower exchange rate. So sending more money collectively during the red mark duration zone may give you higher benefits. The benefits may seems less important or lower interest in aspects of individuals but collectively it has greater impact to growing economy of Bangladesh.

Figure-1: Monthly average exchange rate graph

Reference:

[1] https://en.wikipedia.org/wiki/Bangladeshis_in_Japan

Author Comment:

You may use data for your personal analysis. You may download my sources from git repository. Git source