Middle-Eastern expats ahead in remittance
Published: 23:18 23 October 2019
Manpower exporting is increasing every year. As well as expatriates’ income or remittance has also been uprising eventually. The Remittance from Bangladesh's largest labor market, Middle East including Saudi Arabia is about 21% which is remaining on the top of total remittance contributor regions.
Due to the government's various initiatives and strict position to prevent hundi, expatriate income in legitimate banking channels has increased. Again the current fiscal year (2019-20), two percent of the government's incentive to encourage the remittance of migrants on the legal route is also playing a special role certainly.
According to the data provided by Bangladesh Bank, the amount of expatriates’ income received in Bangladesh is Tk 124 billion as of September of this current fiscal year (2019-20). During the same period of last fiscal year (2018-19), the amount was Tk. 95.45 billion. And in September of the previous fiscal year (2017-18) this amount was Tk 69.18 billion. Among these, the major amount was from the Middle East.
The remittance from Saudi Arabia in September of the fiscal year 2019-20 was $ 310.45 million while it was $ 304.69 million in August of same fiscal.
On the other hand, the country received $ 211.55 million remittances from the United Arab Emirates in September of the current fiscal while it was $ 174.91 in the previous month (August).
At the same time, $ 116 million received from Kuwait, $100 million from Oman, $ 100 million from Qatar and $ 36.92 million remittances were received from Bahrain.
According to the Central Bank data, last year (2018-2019 fiscal) the highest remittance was recorded in the country’s history. Over this fiscal, expatriate Bangladeshis have sent remittances of $ 16.42 billion; which is the highest remittance collection in the history of Bangladesh.
According to the review, the highest remittance came in the 2014-15 fiscal year, when the amount was 1 thousand 513 crores and 69 lakh USD. In the next fiscal year, it reached 1 thousand 493 crore and 11 lakh USD.
In the fiscal year 2016-2017, expatriate Bangladeshis sent remittance of 12.77 billion USD. And in the next, 2017-2018 fiscal the remittance was 14.98 billion USD. Which is 17.3 percent higer than the previous fiscal year.
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