Despite a surge in the outflow of migrant workers, remittances to Bangladesh declined due to illegal hundi money business. Experts are of the opinion that the exchange rate gap between the formal and informal channels has encouraged remitters to use hundi and send money through such illegal channel. It is worth mentioning that imposing multiple exchange rate for exporters, importers and inward remittance is the key reason for encouraging expatriates to send money through hundi which pushed down remittances.
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. 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.
We need to encourage
more European countries
to take our workers
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.