Stream of Remittance Inflow Will Go On

 

Expatriate income is like a new breeze. Expatriate Bangladeshis sent a large quantity of remittances in the country last month, focusing on Eid al -Fitr. In March this year, the most remittance in the country's history has come in one month. The latest data from Bangladesh Bank says that for the first time in the history of the country, the country's history has received $3.29 billion ($ 329 crore) remittance in a month, which is equivalent to Tk. 40,138.00 crore ($1=Tk. 122). Earlier in March last year, the remittance amount was $ 1.99 billion, i.e, the remittance has increased to $ 1.30 billion or 64.7 percent over the year. The reserve of the country has also increased due to the increase in expatriate income. The total foreign exchange reserve of the country stands at $ 25.62 billion.

In the first month of the current fiscal year through expatriates, $1.91 billion remittances came in July,  $ 2.22 billion in August, $ 2.40 billion in September, $ 2.39 billion in October, $2.20 billion in November, $ 2.64 billion in December, January $2.19 billion and in February, $ 2.53 billion has come in remittance. In July 2020, the COVID-19 time $ 2.59 billion came in remittance. Breaking that record, the month of December 2024, the country's $ 2.64 billion remittance came. This time, all the records of the past broke three billion dollars of remittance.

Remittances sent by expatriates are making significant contributions to the development of Bangladesh. The amount of foreign currency sending the expatriates is half of the country's total export income. Due to the expatriates, the reserve of Bangladesh Bank stood in a respectable position. Remittance and export earnings are the main sources of foreign currency in developing countries like Bangladesh. The revenue earned by expatriate fighters is remittance. Remittance is called the basis of the country's economy and development of the country, the golden terrain of the dream and one of the driving forces of the economy. Remittance contributes to the development of the country is 12 percent of GDP and Bangladesh is seventh in the world. But recently the government has taken several precautionary measures as the reserve and remittance flow of Bangladesh Bank decreased. In this case, economists have emphasized on exporting skilled manpower and identifying existing problems with expatriates for more remittance collection because remittance money has been created by small entrepreneurs and the economy of the country.

Bangladesh Bank data says that the supply of dollars to interbank has increased due to the prevention of corruption in addition to preventing money laundering. Bangladesh Bank says the price of money is higher than the dollar now. That is why people are now less interested in the dollar. More interest in money. There is now more interest in money than the dollar. Inflation has begun to decrease. Besides, uncertainty has been cut in the import of oil, gas, fertilizers and essential products.

A portion of the expatriate money earned to the family through the bank. This money does not only meet the needs of their families, increases their living standards, also play an important role in the economic development of the country by investing in infrastructure, structuring of savings and investing in various fields. Remittance acts as an important nucleus in our economic mobility. This remittance is one of the driving forces of the national economy. The confidence and ability of the government has increased for remittances sent by expatriates. Remittance is also playing an important role in eliminating unemployment problems and employment in the country. Moreover, due to the export of manpower, the daily needs and food items of a large number of people do not have to be collected locally. There are more than 12.50 million Bangladeshis spread in more than 150 countries around the world, who are playing a positive role in our economy as a whole.

This population export is considered a secure investment in strengthening the foundation of our economy. Not only sure investment, but also a safe investment, the export of population can be considered. As the export of population exports has a direct role in increasing the flow of remittance, the government is also taking an initiative so that the manpower working abroad is determined according to the work and skills. It is to be remembered that if the government increases diplomatic activity in increasing population export, the benefits of the export and remittance of the population will flow in the same section with the positive sector of our economy.

Due to illegal hundi resistance, remittance collection in the country has increased greatly. Remittance flow has increased in the legal way at any time in the past. The expatriates are much more aware now. They are interested in sending remittances on a legitimate way by avoiding illegal paths. Remittance on the banking channel in the legitimate way has increased, not only increased, new records have been created. In remote areas, the Agent Banking of the banks, the Branch, Sub-Branch has been very readily available to send remittances. The government and Bangladesh Bank have taken various steps to prevent hundi to further increase remittance income but could not be completely stopped.

The manpower export sector is slowly becoming a vital force for the overall socio-economic development of Bangladesh. But the possibility of this sector is not yet fully utilized. Many are investing in non -productive sectors like the purchase of the land. Money is as important as making money is equally important to use and ensure that money is in the production -oriented factory. The planned manpower export sector problems and the sending of professionals and skilled manpower abroad as well as the money sent to them can change the economic image of the country if they are properly used in the productive sector.

The number of expatriates is increasing as a result of a large number of inefficient workers abroad through the broker channel from Bangladesh. But according to labor, remittance is not increasing. It has been found that high -skilled expatriate workers are recruited in good pay jobs and send more remittances than short skilled workers for a long time. Studies have shown that the amount of inefficient workers send is much lower than skilled workers. The quality of Bangladeshi workers is far below international standards. It has been found that inefficient expatriates go abroad illegally and they are victims of various types of fraud and they work hard to make money even if they can not send remittances legally. That is why they are not chosen to send remittances to Hundi.

Expatriates are staying with the interim government by sending a record amount of remittance when the pressure to repay the huge loan made by Sheikh Hasina. As a result, after the fall of Sheikh Hasina government, the amount of remittance in the legal way is increasing. Expatriates sent $ 3.29 billion remittance in March. The sectors say remittances or expatriates have been increasing steadily since the beginning of this year. Expatriates focused on the student movement in July. But since the fall of the Hasina government, the expatriate has increased more than ever. The country's foreign exchange reserve is strengthened. The amount of remittances that came in the first month of the fiscal year 2024-25 has continued to increase in the following months.

An expatriate worker is considered to be the income of the expatriate to his family or other people in the country. The role of expatriate income in the economy of Bangladesh is very important. After the current interim government has taken office, Shahjalal International Airport has launched several breakthrough services for expatriate passengers and plans to launch some more services. Meanwhile, quick luggage delivery at the airport, resting in the expatriate lounge, serving food at affordable prices, free-wifi, and new encouragement among the expatriates abroad are being noticed. The money sent to the expatriates is acting as one of the catalysts for the socio-economic development of the country.

On the one hand, the income of migrant workers is strengthening the base of the macroeconomic economy, on the other hand, the money sent to them is also playing an important role in poverty alleviation, food security, nutrition and education. Concerned that the existing problems of the expatriates in the interest of the economy should be resolved and the positive stream of the current remittance flow should continue.

 
Md. Zillur Rahaman is a banker
and a columnist.