Remittances register 16pc growth

Government’s efforts deserve plaudits

Published : 02 Feb 2023 09:41 PM

Remittance flows witnessed a good start and stood at $1.95 billion in January 2023, up about 16 per cent over that in the corresponding period of the previous month. The inward remittance flow in January came as good news while Bangladesh Bank (BB) is struggling with LCs liabilities to import essential commodities and industrial raw materials amid volatile foreign exchange supply.

Prime Minister Sheikh Hasina on Wednesday told parliament that Bangladesh has received $10,493 million remittances till December of the current fiscal year. 

Mentioning that Bangladesh is a high remittance receiving country, the leader of the House said despite the global Covid-19 pandemic, the remittances received in the financial years 2020-2021 and 2021-2022 were $24.77 billion and $21.03 billion respectively. 

Highlighting various steps taken in the last few years to increase the flow of remittances, she said that workers have been encouraged to send remittances through proper banking channels which helped increasing the flow of remittances by sending more skilled workers.

Remittance is perceived to be a driving force for fostering a country’s economic growth. 

We need to encourage 

more European countries 

to take our workers

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.

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.