BB,Frankfurt HR School sign MoU

Bangladesh Bank Governor Dr. Atiur Rahman addressed the Frankfurt School of Finance & Management, Frankfurt faculty Monday on impact of remittance inflows into developing economies. In his presentation, Governor Rahman highlighted significance of wage earners’ remittances in socioeconomic development of Bangladesh. He mentioned that Bangladesh’s remittance receipts from workers abroad represent not so much of ‘brain’ drain as ‘brawn’ drain, in as much as almost 99 percent of inflows are from blue collar workers in unskilled and low skilled low wage jobs; not significantly straining labor supply in the home market; thanks to the available large pool of working age adults in the population of Bangladesh. Highly skilled and educated professionals from Bangladesh are also staying and working abroad in increasing numbers, mainly because of limited immediate scope of use of their advanced knowhow and skills in the domestic economy. Remittance inflows from the blue and white collar Bangladeshi Diasporas abroad are helping promote inclusive growth by expanding the domestic demand base, and the responding domestic output base on the supply side, he added. The BB Governor’s address at Frankfurt School was preceded by a MoU signing ceremony between Bangladesh Bank and Frankfurt School on ‘Cooperation on Human Resource Development’ for Bangladesh Bank Training Academy (BBTA) and Bangladesh Institute of Bank Management (BIBM), according to a statement.