Home Bangladesh Foreigners extract triple amount from BD compared to incoming remittances
Bangladesh - Bank & Finance - 3 weeks ago

Foreigners extract triple amount from BD compared to incoming remittances

Enayet Karim: Foreign workers took more than three times the amount of remittance flow sent by expatriates to the country in foreign currency for salary. In the 24 years from 2000 to 2023, the remittance flow of expatriates increased 11 times. At the same time, the tendency of foreign workers working in Bangladesh to receive their salary in foreign currency has increased by 37 times.
Foreign workers tend to take salary rather than increase remittances, increasing pressure on foreign exchange. Only in 2023, foreign workers have taken $150 million in foreign currency for salary from Bangladesh. Tk 1650 crore according to the dollar price at that time. More money is being taken through hundi than legally. There are precedents of money laundering from the country through this. The World Bank report published yesterday night shows the picture of remittances sent and remittances received from different countries.
According to the sources, according to the report of the government’s security service department and the special branch of the police, the number of legal foreign nationals staying in the country till 2023 was 1 lakh 7 thousand 167 people. Most of them are Indian nationals, followed by Chinese nationals. Indian 37,464 and Chinese 11,404. The rest are from other countries. Most of them are employed as workers in various organizations. Apart from this, there are many other illegal foreigners, whose account is not included.
According to the law, it is mandatory to pay income tax and obtain a work permit if you stay and work in Bangladesh. Foreigners have to get A-3 visa to work in the country. By revising the visa policy made in 2006, the provision of A-3 visa was waived if working on the project. As a result, since that time, foreign workers can work without A3 visa. There is no real information about the type of work of foreigners coming to the country with any government agency. However, an initiative has been taken to build a database of foreigners staying in Bangladesh.
Just as legitimate foreign workers are sending remittances from Bangladesh through legal channels, Temin illegal workers are also sending remittances through hundi. In 2007, an investigation by the Task Force during the caretaker government found cases of money laundering from the country in the name of paying higher salaries to the employees of several organizations. Such cases have also been caught, there is no foreign worker, but the salary is being sent abroad in his name through the banking channel.
The World Bank report published yesterday has highlighted the picture of remittances sent and remittances received from different countries. It can be seen that the trend of sending salaries to foreign workers from Bangladesh has increased by 37 to 26 times in 24 years from 2000 to 2023. At the same time, the tendency of expatriates to send remittances to Bangladesh increased by 11.26 times.
Remittances have more than tripled over the period under discussion, with foreign workers receiving foreign currency as salaries. Year-on-year, it is seen that the amount of salary received by foreign workers is increasing more than the remittance. Compared to 2022, remittances to the country increased by 3 percent in 2023. At the same time, the tendency of foreign workers to receive salary from the country has increased by 10.5 percent.
From the report, it can be seen that in 2000 and 2001, foreign workers took $8 crore a year from Bangladesh. In 2002 and 2006, he made $6 crore, in 2003 to $7 crore, in 2004 and 2009 to $8 crore and in 2006 and 2007 to $3 crore to $6 crore. For the first time in 2008, foreign workers’ payrolls exceeded billions of dollars. That year they took $1.4 billion. In 2010, a slightly reduced amount of $9 crore was taken. In 2011 and 2012, he took $1.2 crore and $2.4 crore. In 2013 it increased to $2 billion. In 2014, it increased to $3.3 crore. In 2015, $3.20 crore, $4.10 crore in 2016 and $4.70 crore in 2017 were taken. In 2018, it stood at $5.70 crore. In 2019, the trend of receiving foreign workers’ salaries increased to $8.3 million. In 2020, $9.5 million, $10 crore in 2021 and $13.5 crore in 2022 were taken. In 2023, $1.49 crore will be taken, which is 10.03 percent of the total GDP.
Those concerned said that the number of foreign workers has increased due to the implementation of large projects in Bangladesh and large industries. Because of this, their tendency to take salary has also increased. At present, 75 percent of the salary received by foreign workers can be remitted to their home country or any other country in foreign currency.
According to the report, among South Asian countries, $17.8 million foreign workers from Afghanistan will receive salary in 2023, $7.8 million from Bhutan, $1.236 million from India, $5.2 million from Nepal, $31.7 million from Pakistan and $40.10 million dollars from Sri Lanka. In 2022, he took $557 million from Maldives.

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