BD 5th among remittance receiving countries
Saturday, 7 January 2012
Syful Islam
Bangladesh secured fifth position in 2011 among the developing and least developed countries (LDCs) which receive remittances from their people working abroad, World Bank data shows.
More than seven million Bangladeshi workers have remitted US$ 12.165 billion in the just concluded year, marking a 10.55 per cent growth over the previous year, the data shows.
India has topped the list receiving $ 57.817 billion followed by China with $ 57.282 billion. Mexico secured the third position through receiving $ 23.628 billion, up by $ 602 million from Philippines which managed the fourth position by earning $ 23.026 billion.
Central bank officials said Bangladesh Bank has simplified the approval policy of drawing arrangements (DAs) between foreign exchange houses and domestic banks which has resulted in the highest ever remittance flow in the country's history.
So far 37 banks have established 1,084 DAs with 288 exchange houses all over the world for collecting inward remittances. A total of 873 DAs with 236 exchange houses are operative now.
The central bank has encouraged opening of exchange houses and branches by the local banks in order to facilitate increased remittance flow through the official channel.
Some 69 exchange houses, branches or representative offices of 24 local banks have been permitted so far for inward remittance. Banks have been asked to ensure the delivery of remittance to the beneficiaries within 72 hours.
Sources said some microfinance institutions (MFIs) have also been involved in order to enhance, accelerate and simplify the distribution process aiming at attracting inward remittances. Some 16 MFIs have so far been allowed to distribute remittance.
They said some banks have been allowed to distribute remittance using the countrywide outlets of mobile operators which has encouraged the workers to send remittance through the banking channel as their relatives receive the money very quickly through the system.
The major portion of the remittance came to Bangladesh from the Middle Eastern countries like KSA, UAE, Qatar, Oman, Bahrain, Kuwait, alongside Malaysia and Singapore.
The Middle Eastern countries are major destinations for Bangladeshi job seekers accounting for over 82 per cent overseas employment of 7.69 million during 1976-2011 period. Some 568,062 Bangladeshis secured overseas jobs in 2011, up by 177,360 from the previous year.
Statistics show that less skilled people dominate the tally of Bangladesh's overseas employments by 51.51per cent at 3,966,613 followed by 2,409,912 or 31.30 per cent by skilled manpower, 14.81 per cent or 1,140,511 by semi-skilled workers, and 2.38 per cent or 182,915 by professionals.
Bangladesh Bank officials said once the political crisis in the Middle Eastern countries goes and the more skilled labour are sent abroad, the global ranking of Bangladesh in receiving remittance will be better.
Bangladesh secured fifth position in 2011 among the developing and least developed countries (LDCs) which receive remittances from their people working abroad, World Bank data shows.
More than seven million Bangladeshi workers have remitted US$ 12.165 billion in the just concluded year, marking a 10.55 per cent growth over the previous year, the data shows.
India has topped the list receiving $ 57.817 billion followed by China with $ 57.282 billion. Mexico secured the third position through receiving $ 23.628 billion, up by $ 602 million from Philippines which managed the fourth position by earning $ 23.026 billion.
Central bank officials said Bangladesh Bank has simplified the approval policy of drawing arrangements (DAs) between foreign exchange houses and domestic banks which has resulted in the highest ever remittance flow in the country's history.
So far 37 banks have established 1,084 DAs with 288 exchange houses all over the world for collecting inward remittances. A total of 873 DAs with 236 exchange houses are operative now.
The central bank has encouraged opening of exchange houses and branches by the local banks in order to facilitate increased remittance flow through the official channel.
Some 69 exchange houses, branches or representative offices of 24 local banks have been permitted so far for inward remittance. Banks have been asked to ensure the delivery of remittance to the beneficiaries within 72 hours.
Sources said some microfinance institutions (MFIs) have also been involved in order to enhance, accelerate and simplify the distribution process aiming at attracting inward remittances. Some 16 MFIs have so far been allowed to distribute remittance.
They said some banks have been allowed to distribute remittance using the countrywide outlets of mobile operators which has encouraged the workers to send remittance through the banking channel as their relatives receive the money very quickly through the system.
The major portion of the remittance came to Bangladesh from the Middle Eastern countries like KSA, UAE, Qatar, Oman, Bahrain, Kuwait, alongside Malaysia and Singapore.
The Middle Eastern countries are major destinations for Bangladeshi job seekers accounting for over 82 per cent overseas employment of 7.69 million during 1976-2011 period. Some 568,062 Bangladeshis secured overseas jobs in 2011, up by 177,360 from the previous year.
Statistics show that less skilled people dominate the tally of Bangladesh's overseas employments by 51.51per cent at 3,966,613 followed by 2,409,912 or 31.30 per cent by skilled manpower, 14.81 per cent or 1,140,511 by semi-skilled workers, and 2.38 per cent or 182,915 by professionals.
Bangladesh Bank officials said once the political crisis in the Middle Eastern countries goes and the more skilled labour are sent abroad, the global ranking of Bangladesh in receiving remittance will be better.