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Bangladeshi expatriates living across the globe played a pivotal role in the nation's economy, with remittances totaling $210 crore in January. Dhaka emerged as a frontrunner, leading in remittance contributions with an overwhelming $70.78 crore. However, districts like Lalmonirhat and Rangamati fell short, each contributing a mere $1.4 million. This information was retrieved from an updated report by the Bangladesh Bank.
Meanwhile, economists believe that the economic crisis before the election has gradually passed. According to the Export Promotion Bureau (EPB) and Bangladesh Bank, the country's export earnings reached a record $572 crore in January, the highest in the country's history. Moreover, exports have seen a recent increase, with remittances also rising every month. While remittances amounted to $199 crore in December, January saw an increase of $11 crore.
Furthermore, remittances have increased in January compared to the same month the previous year. In January 2023, expatriates sent $195 crore, which is $15 crore less than the recently concluded January. The decrease in remittances last year can be attributed to political tensions and the low value of the dollar in the banking channel.
In August and September of last year, remittances decreased at an alarming rate, with only 159 crore and 133 crore coming in, respectively, exacerbating the ongoing dollar crisis. However, economists are optimistic, mentioning that following the national election and overcoming doubts and fears, all sectors of the economy are performing well.
Regarding the matter, Dr. Mohammed Farashuddin, the former governor of Bangladesh Bank, told The Daily Messenger, “It cannot be said that the economic crisis has completely passed, but the situation is improving and will become more evident in the future. Comparisons with Sri Lanka are unjust and insulting to our country. If we can stabilize the dollar rate and provide government incentives, our remittances will increase significantly.”
He also added, “Certain regions of our country receive more remittances than others, with the northern region lagging behind overall. The government needs to focus more attention here, as the income of people in this area is low, and they are trapped in a vicious cycle. Specialized training and employment opportunities abroad for people from the northern region would improve the socio-economic conditions there, consequently boosting the country's remittances.”
According to sources, Dhaka is leading in terms of earning remittances, with 13 districts in this division receiving over 100 crore dollars in remittances in January. On the other hand, Rangpur division lags behind, with 8 districts receiving only 2.65 crore dollars. Mymensingh division, comprising only 4 districts, received remittances totaling $3.75 crore.
It is known that in the month of January, the Barishal division received remittances totaling about 51 crore dollars, with Barishal district receiving the highest amount. Expatriates from the district remitted $1.84 crore in January, while Jhalakathi district received the least, with $3.3 million.
The Chattogram division received remittances of approximately 60 crore dollars in January. Among the 11 districts of the division, Chattogram district received the highest amount, $20.52 crore, while Rangamati district received the least, $1.4 million. Meanwhile, the Dhaka division received the most remittances, with 100.16 crore dollars spread across its 13 districts. Dhaka district received the highest amount, 70.78 crore dollars, while Rajbari district received the least, 7.2 million dollars.
Expatriates from 10 districts of the Khulna division sent 8.28 crore dollars, with Jashore district sent the most at a total of 1.53 crore dollars, and Narail district sent the least at 4.2 million dollars. Similarly, expatriates from the Mymensingh division, which consists of only 4 districts, sent remittances totaling 3.79 crore dollars, with Mymensingh district receiving the highest amount, $1.95 crore, and Sherpur received the lowest amount, 2.4 million dollars.
The expatriates of the Rajshahi division, comprising 8 districts, sent 7.73 crore dollars, with expatriates from Bogura district sent the most, totaling 1.55 crore dollars, and Naogaon district received the least, 7.1 million dollars. However, the expatriate income of Rangpur, a separate division with 8 districts from the Rajshahi division, was disappointing, received remittances totaling only 2.65 crore dollars. Gaibandha district received 4.2 million dollars, while Lalmonirhat district received the least, 1.4 million dollars.
The Sylhet division, consisting of 4 districts, received 22.50 crore dollars, with Sylhet district receiving the most at 11.63 crore dollars, and Sunamganj district receiving the least, 2.85 crore dollars. The majority of the expatriates from these districts reside in America and Europe, contributing significantly to their expatriate income rates.
According to the data from the Bangladesh Bank, there are currently 1.25 crore Bangladeshi expatriates, while the Bureau of Manpower Employment and Training (BMET) reports 1.48 crore expatriates are currently working in different countries, all of whom are making important contributions to the country's economy by sending their income every month.
The Bangladesh Overseas Employment and Services Limited (BOESL) is actively working to officially send skilled workers abroad. Mallik Anwar Hussain, managing director and additional secretary of the company, told The Daily Messenger, “We officially send the country's citizens abroad as both low-skilled and skilled workforce. Prior to their departure, they secure employment and are provided with allowances and benefits. We also provide training.”
“The remittances from the Rangpur-Rajshahi division are lower because fewer individuals from these regions go abroad. Previously, agencies engaged in irregular practices, charging exorbitant fees to facilitate overseas employment. Consequently, many residents in these areas couldn't afford to go abroad. However, we've introduced official channels that require minimal fees, and in some cases, no fees at all, for sending individuals abroad. Additionally, we've implemented special initiatives tailored to these regions,” he added.
Messenger/Sajib
