Remittance earning boom
Sunday, 21 December 2008
Alamgir Hossain
A total of 9,81,102 workers from Bangladesh went abroad in fiscal 2007-08 representing a 74 per cent increase over 5,63,584 who had gone in 2006-07. Earning-wise growth was 44 per cent during first quarter of 2008-09 compared to that of the corresponding period in previous fiscal. Non-Resident Bangladeshis (NRBs) sent US$ 2.345 billion to Bangladesh in three months between July and September, topping US$ 1,629 billion during the same period in the last fiscal.
The higher remittance earning is attributed to anti-money laundering drive of the central bank which has reduced recourse to 'hundi' or dispatch of money through unofficial channels. Basically, the commercial banks are in a fierce competition among themselves to attract remittance, which has become a major source of foreign currency transactions for them. The quick and reliable services offered by them have prompted Bangladeshi wage earners to depend on the banking channel. The banks could reduce their charges to attract more remittance. They could think of offering counselling services for productive investment by remitters through pooling of resources.
As a major pillar of foreign exchange earning next to the readymade garments (RMG) sector, manpower export and consequent earnings from Bangladeshi wage earners need to be promoted by recourse to a special strategy. The country's foreign missions abroad should be tasked to negotiate new employment opportunities for Bangladeshis in their countries of operation. There is a large potential to tap in on employment prospects in Latin America, Africa and Europe. Bangladesh needs to break some new ground.
Taking a cue from other countries known for their astounding success in the manpower export sphere, Bangladesh must try and build a domestic infrastructure for training its manpower in keeping with the demand patterns of the importing countries.
A total of 9,81,102 workers from Bangladesh went abroad in fiscal 2007-08 representing a 74 per cent increase over 5,63,584 who had gone in 2006-07. Earning-wise growth was 44 per cent during first quarter of 2008-09 compared to that of the corresponding period in previous fiscal. Non-Resident Bangladeshis (NRBs) sent US$ 2.345 billion to Bangladesh in three months between July and September, topping US$ 1,629 billion during the same period in the last fiscal.
The higher remittance earning is attributed to anti-money laundering drive of the central bank which has reduced recourse to 'hundi' or dispatch of money through unofficial channels. Basically, the commercial banks are in a fierce competition among themselves to attract remittance, which has become a major source of foreign currency transactions for them. The quick and reliable services offered by them have prompted Bangladeshi wage earners to depend on the banking channel. The banks could reduce their charges to attract more remittance. They could think of offering counselling services for productive investment by remitters through pooling of resources.
As a major pillar of foreign exchange earning next to the readymade garments (RMG) sector, manpower export and consequent earnings from Bangladeshi wage earners need to be promoted by recourse to a special strategy. The country's foreign missions abroad should be tasked to negotiate new employment opportunities for Bangladeshis in their countries of operation. There is a large potential to tap in on employment prospects in Latin America, Africa and Europe. Bangladesh needs to break some new ground.
Taking a cue from other countries known for their astounding success in the manpower export sphere, Bangladesh must try and build a domestic infrastructure for training its manpower in keeping with the demand patterns of the importing countries.