Bangladesh Prioritizes Remittances

Author: Ibrahim Khalil Ahsan

Remittances have a significant contribution to the overall progress of the country. As a result, if the remittance flow decreases, it is worrisome, but if remittances increase, it clarifies the hopeful reality. Incidentally, recently, news published in newspapers revealed that remittances have been increasing since the formation of the interim government. It is as if the wind has blown in the sails of remittances – which is positive.

According to the information, more than 7 billion US dollars have been sent to the country from expatriate citizens in the last three months. After examining the work of various ministries and departments, it has been found that expatriates in Bangladesh have sent remittances of 7.02 billion US dollars in the last three months. It is also noteworthy that remittances have exceeded 10 billion dollars in the first four and a half months of the current fiscal year. From July to November 13, expatriates sent 10.03 billion or 103 million dollars to the country through banking channels. 7.88 billion or 7.88 billion dollars came in during the same period of the last fiscal year. An increase of 27.32 per cent compared to the same period. Along with remittances, it is also reported that the dollar market is recovering somewhat due to good export earnings.

It is worth noting that the contribution of remittances to the country’s economy is undeniable. As a result, it is a cause for concern if the remittance flow decreases, but when remittances are reported to be increasing, it is important to maintain this progress and ensure necessary initiatives take into account the situation. In addition, it is needless to say that if skilled workers increase, the country’s reputation in the world will increase and new labour markets will be created. As a result, those concerned will also have to pay attention to the export of trained and skilled manpower. We believe that all kinds of initiatives must be ensured to continue the trend of increasing remittances, subject to monitoring the overall situation. In addition, strict steps must be taken to address the situation related to illegal money laundering abroad.

If skilled workers increase, the country’s reputation in the world will increase and new labour markets will be created.

It is worth noting that according to Bangladesh Bank, expatriates sent $130 million to the country through banking channels on November 13 alone. $1.09 billion came in on the 13th of this month. In this case, it is important to take into account that $1 billion came in on the 13th of November last year. In this way, in the last few days of this month, about 95 million dollars or 9.30 percent has increased.

During July-October of the current fiscal year, 984 million dollars have come into the country through banking channels. That is, an increase of 29.93 percent in four months. In the first four months of the current fiscal year, goods worth 15.79 billion dollars have been exported. This is 10.80 percent more than the same period of the last fiscal year. For this reason, it is known that the dollar rate has remained stable at 120 taka since the fall of the government on August 5.

Again, 287 million dollars have been paid in the account in two phases and the previous government debt of 1.5 billion dollars has been paid. Even after this, the reserve is 18.44 billion dollars. It is known that it was 20.49 billion dollars at the end of last July.

What will happen to world politics?

Above all, I would like to say that Bangladesh is a populous country. For good reason, converting the country’s manpower into public resources is essential for overall progress. Remittances are playing a role in achieving the country’s overall prosperity and progress. As a result, we must take the initiative to continue the trend of increasing remittances.

It is worth noting that the issue of a collapse in remittances has come to the fore at various times. As a result, just as a collapse in expatriate income cannot be avoided, it is essential to take the necessary steps to maintain the progress of remittances. It must be remembered that remittances sent by expatriates are positive for the overall economy of the country. As a result, in addition to taking effective initiatives to keep the issue of expatriate income in mind, it is important to find new labour markets and ensure skilled manpower.

The writer is a Bangladesh-based independent columnist and freelance journalist.

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