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Remittance inflow sees 46% growth in September

DalalErMaNodi

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The country received $6.71 billion in remittance in the first three months of the current fiscal year, up by 48.57% compared to the same period of last year

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Migrant Bangladeshis working in various countries of the world sent home $2.15 billion in September this year, registering a 45.64% year-on-year growth compared to $1.47 billion remitted in the same month last year.

The remittance received last month was around 10% higher than $1.96 billion received in August this year. The figure was $2.59 billion in July.

According to the latest data from the central bank, the country received some $6.71 billion in remittance during the first three months (July-September) of the current fiscal year.


Remittance inflow witnessed a 48.57% rise in this period compared to $4.52 billion received in the July-September period of last year.


The continuous rise in Bangladesh' remittance earnings amid the coronavirus pandemic has come as a respite for the families of the migrant workers, as well as for the distressed economy.


However, this increasing trend in remittance inflows, especially in the current situation, has taken experts by surprise.

Expressing his astonishment, Dr Khondaker Golam Moazzem, research director of the Centre for Policy Dialogue, told The Business Standard, "If remittance inflows increased at such a high rate compared to previous months, there is reason to be doubtful about the figures.

"This is because a significant number of migrant workers have come back over the last few months and the ones who are staying abroad cannot earn as they did before. Most of them cannot do overtime, while some are not even getting their full salaries."

However, he observed that the recent surge in remittance inflows might be a result of the government's payment of 2% cash incentives on remittance, as migrants are now incentivized to send money home through legal channels.

If the increasing trend continues for the next several months, Golam Moazzem recommended that the central bank conduct inspections to find out if any unlawful money transfers are taking place.

Western Union's Country Manager for Bangladesh Noor Elahi said, "Bangladesh introduced the incentive on remittance at a time when the country really needed it. Now other remittance-receiving countries are thinking about introducing such incentives."

Elahi also serves as Western Union's country manager for Sri Lanka and Maldives.

The government introduced incentives on remittance from in the fiscal year 2019-20. That year, the country received an all-time high $18.20 billion in remittance, which was around 11% higher than that received in the previous fiscal year.

Riding on remittances, the country's foreign exchange reserves have recently increased to $39 billion.

Recently, Fitch Ratings Inc, a US-based credit rating agency, forecast that the annual remittance inflow for five Asian countries – Bangladesh, India, Pakistan, Sri Lanka and the Philippines – may drop by 12% on an average, a threat of losing a sizeable amount of remittance earnings this year due to the Covid-19 pandemic.

Earlier, the World Bank and the Asian Development Bank projected a 20% fall.

According to data from the central bank, the country received $15.51 billion in remittance during the January-September period of this year. The figure was $13.44 billion in the same period of last year.

However, total receipt in the 2019 calendar year was $18.35 billion.

Seeking anonymity, a senior official of the Bangladesh Bank said, "We hope this rising trend in remittance inflows will continue in the future, as Covid-19 fears are withering away gradually."

The country will receive more than $20 billion this calendar year if the current growth rate continues in the remaining three months, he hoped.



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DalalErMaNodi

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May the Powers that be look favourably upon our Expat brothers and sisters. Coming from a Gulf based expat family background, I know exactly how hard it is to balance expenses while sending the majority of what you earn back home.


It is not easy, expats based in the middle East make up for the lion's share of the remittances and we work twice as hard than any other west based expat community under the sun, but at the end of the we are not appreciated.

No help at the embassies, employees will even treat you like you're crap.

No support mechanisms for making NIDs available to us without having to visit Bangladesh.

No legal support when we are entangled in legal issues or even trouble with inhumane sponsors (kafeel).

Hell, even the planes they provide to bring us to and fro to home are the old ones, while the silver spoon in mouth western lads get the newer ones.


The situation is simply pathetic, I feel deeply saddened by what the immigrants here working without any educational qualifications have to go through, while those in the west build a life and family there, we here work hard day in day out, just to return home one day to a country has only gotten worse for us.
 
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Bilal9

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May the Powers that be look favourably upon our Expat brothers and sisters. Coming from a Gulf based expat family background, I know exactly how hard it is to balance expenses while sending the majority of what you earn back home.


It is not easy, expats based in the middle East make up for the lion's share of the remittances and we work twice as hard than any other west based expat community under the sun, but at the end of the we are not appreciated.

No help at the embassies, employees will even treat you like you're crap.

No support mechanisms for making NIDs available to us without having to visit Bangladesh.

No legal support when we are entangled in legal issues or even trouble with inhumane sponsors (kafeel).

Hell, even the planes they provide to bring us to and fro to home are the old ones, while the silver spoon in mouth western lads get the newer ones.


The situation is simply pathetic, I feel deeply saddened by what the immigrants here working without any educational qualifications have to go through, while those in the west build a life and family there, we here work hard day in day out, just to return home one day to a country has only gotten worse for us.
There is a solution, migrate to Canada and settle there. Canada is wide open for younger qualified professional folks. Or Australia. Don't wait, do it now.
 

PakFactor

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Sep 30, 2019
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May the Powers that be look favourably upon our Expat brothers and sisters. Coming from a Gulf based expat family background, I know exactly how hard it is to balance expenses while sending the majority of what you earn back home.


It is not easy, expats based in the middle East make up for the lion's share of the remittances and we work twice as hard than any other west based expat community under the sun, but at the end of the we are not appreciated.

No help at the embassies, employees will even treat you like you're crap.

No support mechanisms for making NIDs available to us without having to visit Bangladesh.

No legal support when we are entangled in legal issues or even trouble with inhumane sponsors (kafeel).

Hell, even the planes they provide to bring us to and fro to home are the old ones, while the silver spoon in mouth western lads get the newer ones.


The situation is simply pathetic, I feel deeply saddened by what the immigrants here working without any educational qualifications have to go through, while those in the west build a life and family there, we here work hard day in day out, just to return home one day to a country has only gotten worse for us.
I had a relative who recently returned back to Pakistan after being in Saudi for 10 years --
Swore he would never leave Pakistan gain for the Gulf, his words were "dogs are much better treated then human beings".
 

DalalErMaNodi

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There is a solution, migrate to Canada and settle there. Canada is wide open for younger qualified professional folks. Or Australia. Don't wait, do it now.

I'm fine, I'm talking about the others who aren't educated, and are stuck in the endless cycle of hardship.


My father came to Kuwait in early 70s as a teenagers who saw his parents executed in front of him, thanks to local turncoat imam/mullah. He came by slipping himself onto a cargo ship, he never exactly revealed this bit to us, perhaps out of embarrassment.


Anyhow, in his 40 year plus struggle here, he worked his way up the ladders, with no educational qualifications, he worked his way into a top position of public private company, and at the time of his demise, he was earning more than a master educated fellow makes here.


A few years before his death, he planned to retire and set off to Bangladesh all by himself to see, If he could reintegrate himself into the dog eat dog Bangladeshi society.

Long story short, he came back to Kuwait, with frown and a broken heart, his family (his brothers, had shown him dead and snatched all his properties and land away), they themselves didn't work a day in their life btw.

He was too tired to fight back legally and too much of a gentleman to get his 'blood' in legal trouble.


He died a disheveled man here not long after, the country he left once, became as foreign to him as the land he spent his life in. He was in a coma for three months, the day before his passing, he awoke abruptly and begged to be buried in Kuwait, had a drink of water and passed back into a coma after 15 minutes of broken conversations.

When I went to Bangladesh embassy to get the necessary documentation to get him buried in Kuwait, I was not only insulted but also made to wait for 3 days due to their incompetence, a dead man had to wait 3 days to get his body laid to rest, think about that for a bit, how degraded our humanity has become.



This is not only my story, nor that of my father, this is the story of millions of us Expats, who work in Middle East, day and night, when we go back home decades later, we have nothing left to return to.

The government milks us like some cash cow, no care for our wellbeing.




This story will repeat itself and it has been repeating itself everyday, until the old generation that believes in Bangladesh and sending money back home is all but gone, where will the government and locals who watch Indian movies find remittances from then ?



About myself, I'm sorted, I spend my time between Bangladesh, Kuwait and the West, I'm Educated and well to do, thankfully, all thanks to the sacrifice of my father.


The system is broken and system needs fixing, before it's broken beyond repair.

I normally don't share such bits of my life experiences, but I believe it was necessary to illustrate just how broken the system is.
 
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Atlas

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I had a relative who recently returned back to Pakistan after being in Saudi for 10 years --
Swore he would never leave Pakistan gain for the Gulf, his words were "dogs are much better treated then human beings".
I thought that Pakistanis are better treated in Saudi! But it looks I was wrong !
 

Bilal9

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Let's put it this way if you meet any of the three criteria's below you are a god in Arab world:

- Blonde
- Blue Eyes
- White Skin
I heard my grandpa tell me long ago that Gulf Arabs were so poor before WW1 that they used to beg from Hajis and run their lives, Hajj season was like a windfall for them. Hajis from India and Asia used to take extra rice and supplies for them during early Hajj times and distribute the food among locals. The same uncivilized folks have money now, but the mentality remains the same. Whites (and non-Muslims) run their affairs and take a hefty cut.

Once the oil dries up, things will return to the same condition. Instead of spending money to further/advance their civilization and strengthening their position and the Ummah, they are wasting it on expensive useless things of scarce value. Their lack of planning will hurt them in the long run.
 

Bilal9

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Feb 4, 2014
14,017
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I'm fine, I'm talking about the others who aren't educated, and are stuck in the endless cycle of hardship.


My father came to Kuwait in early 70s as a teenagers who saw his parents executed in front of him, thanks to local turncoat imam/mullah. He came by slipping himself onto a cargo ship, he never exactly revealed this bit to us, perhaps out of embarrassment.


Anyhow, in his 40 year plus struggle here, he worked his way up the ladders, with no educational qualifications, he worked his way into a top position of public private company, and at the time of his demise, he was earning more than a master educated fellow makes here.


A few years before his death, he planned to retire and set off to Bangladesh all by himself to see, If he could reintegrate himself into the dog eat dog Bangladeshi society.

Long story short, he came back to Kuwait, with frown and a broken heart, his family (his brothers, had shown him dead and snatched all his properties and land away), they themselves didn't work a day in their life btw.

He was too tired to fight back legally and too much of a gentleman to get his 'blood' in legal trouble.


He died a disheveled man here not long after, the country he left once, became as foreign to him as the land he spent his life in. He was in a coma for three months, the day before his passing, he awoke abruptly and begged to be buried in Kuwait, had a drink of water and passed back into a coma after 15 minutes of broken conversations.

When I went to Bangladesh embassy to get the necessary documentation to get him buried in Kuwait, I was not only insulted but also made to wait for 3 days due to their incompetence, a dead man had to wait 3 days to get his body laid to rest, think about that for a bit, how degraded our humanity has become.



This is not only my story, nor that of my father, this is the story of millions of us Expats, who work in Middle East, day and night, when we go back home decades later, we have nothing left to return to.

The government milks us like some cash cow, no care for our wellbeing.




This story will repeat itself and it has been repeating itself everyday, until the old generation that believes in Bangladesh and sending money back home is all but gone, where will the government and locals who watch Indian movies find remittances from then ?



About myself, I'm sorted, I spend my time between Bangladesh, Kuwait and the West, I'm Educated and well to do, thankfully, all thanks to the sacrifice of my father.


The system is broken and system needs fixing, before it's broken beyond repair.

I normally don't share such bits of my life experiences, but I believe it was necessary to illustrate just how broken the system is.
Bhai I am truly humbled by your sad family story, May Allah grant your father the choicest place in Jannat.

Exploiters belong to every country, but ours are extra egregious.

We Bengalis have so much patience with these people.

Better to remain overseas and go home only as a tourist.

Bangladesh belongs to only the kinds of people who are comfortable stealing 'Haqiqat' of others, especially near and dear ones.
 

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