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Bank & Finance - Biz World - June 16, 2022

BD ranks 7th in receiving remittances

Overseas employment also increasing: PM

Staff Correspondent: Sheikh Hasina said Bangladesh is one of the highest receiving remittances in the world. In the fiscal year 2019-20, Bangladesh inward remittances earning was US $18.20 billion and in the fiscal year 2020-21 it increased to a record amount of US $24.8 billion. Which is 36.10 percent more than the previous financial year. Bangladesh ranks seventh in the world in receiving remittances.
The Prime Minister made the remarks in Parliament in response to a question from Rustam Ali Faraji.
The Prime Minister said, “Remittances have declined slightly in FY 2021-2022 and earned US $16.30 billion in 10 months till July-April, which is 17.25 per cent less than the same period of the previous financial year.” The average remittance for the first 10 months of the last fiscal year 2019-20, 2016-2019 and 2017-2018 was US $ 13.42 billion.
Sheikh Hasina said, “Thus, it is seen that the average remittance received in the first 10 months of the previous three years is 26.91 percent more than the average remittance received in the first 10 months of 2021-22 fiscal year.” Therefore, it can be said that remittances have not declined in the current financial year, the flow of remittances has started to return to normal.
He said, “The reason for the decline in expatriate income in the current fiscal year 2021-22 as compared to the previous fiscal year 2021 is that at the beginning of the fiscal year 2020-21, the expatriates sent their savings to the country from a kind of uncertainty.” Many have lost their jobs or stopped trading and brought all the money back to the country. Now the situation is improving. Many expatriates have reduced sending remittances to the country to start new businesses.
He said that although the economy of Bangladesh has returned to normal after successfully tackling the Covid-19 overcrowding, the economies of the major countries employing Bangladeshi workers have not yet returned to normal. As a result, remittance seem to be declining as the expatriate income of Bangladeshi workers working in those countries is relatively low.
The leader of the parliament said, “Corona has become a global travel and trade ban in recent times. As a result, remittances may be declining due to the increase in money transactions outside the banking channels.
It will be possible to increase the flow of remittances by increasing manpower exports and increasing the flow of remittances through legal channels. Necessary initiatives and activities are underway in this regard. The Prime Minister said the government has taken various measures to strengthen the flow of remittances by increasing the export of manpower and making it more attractive to send remittances through legal channels.
It was informed in the Parliament that in the year 2020, despite the global Covid-19 epidemic, 2 lakh 18 thousand 79 Bangladeshi workers have got foreign employment. In the first four months till April 2022, 4 lakh 26 thousand 558 workers have been recruited. For the rest of this year, the rise in emigration will continue. As a result, remittances will increase at a significant rate in the future, the head of government said.

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