It is encouraging to note that remittance inflow witnessed a record growth to hit 22-month high as expatriates are sending additional money for their families, friends and relatives ahead of Eid-ul-Fitr festival. Reportedly, expatriates sent remittance at home on an average of around $68.48 million every day in April. The remittance inflows are rising ahead of Eid festival to stand at $958.69 million within only the first 14 days of the current month.
It needs to be mentioned that the incumbent government has taken various steps in the last few years to increase the flow of remittances. Workers have been encouraged to send remittances through proper banking channels which helped increasing the flow of remittances by sending more skilled workers.
Also, the surge in remittance inflow is attributed to cash incentives, the central bank's awareness campaign, and recent measures taken to tighten the grip on illegal channelling of remittances or hundi business, to augment remittance inflow through the formal channel.
Remittance is perceived to be a driving force for fostering a country’s economic growth. As a consequence of the government’s various endeavours, the tempo of the country’s remittance inflow has remarkably progressed over the last years.
Remittance inflow to the country
is touching new heights every
passing year despite various
limitations and challenges
Apart from reducing poverty remittance helps us start new jobs by providing capital. Needless to say, if we can send more skilled workers to new and potential destinations, the remittance flow will increase manifold in the future.
There is a huge demand for skilled workers like computer operators, graphics designers and medical equipment operators in European countries. Therefore, focus should be given on the need for grooming and employing skilled hands and diligent personnel abroad.
Remittance inflow to the country is touching new heights every passing year despite multifarious limitations and challenges.
But it is dissatisfying to note that larger portion of the remittance comes only from ten countries; hence, more stress on finding new work destinations should be given in due time.
We need to encourage more European countries to take our workers. And in order to do that, we must ensure that they are skilled and have basic knowledge about foreign languages as well as adaptation
abilities.
Also, we must ensure proper training for foreign jobseekers before sending them abroad. Last but not least, there is a need to facilitate the banking system for migrant workers so that they can easily send home their hard-earned money.
