Bangladesh’s remittance inflows surge with over $1 billion in 18 days in January

[bluesky]

Bangladesh’s remittance inflows surge with over $1 billion in 18 days in January
Abdur Rahim Harmachi, Chief Economics Correspondent, bdnews24.com

Published: 21 Jan 2019 03:32 AM BdST Updated: 21 Jan 2019 03:32 AM BdST

• 

After a 15 percent year-on-year rise in remittance inflow in 2018, the positive trend of money sent by the Bangladesh expatriates working abroad has continued into the new year.

The amount of remittance received by Bangladesh crossed the $1 billion mark in the first 18 days of January.

It was at $1.7 billion on Jan 18, giving a boost to the central bank’s foreign currency reserves as well, according to latest figures released by the Bangladesh Bank.

Even after paying the Asian Clearing Union or ACU bills of around $1.15 billion for imports in the November-December period on Jan 8, the reserves was more than $31 billion on Sunday.

Money sent by more than 10 million non-resident Bangladeshis makes up about 12 percent of Bangladesh’s GDP.

In November and December last year, the country received $1.18 billion and over $1.2 billion, respectively, in remittance.

The depreciation of taka against the greenback and the central bank’s measures to strengthen its surveillance on hundi played a major role in encouraging migrants to send home more remittance in the last year, analysts say.

Policy Research Institute Executive Director Ahsan H Mansur suggested keeping dollar rate constant against taka at 85 to boost remittance inflows and exports.

Many countries like India, China and Vietnam devalued their currencies against US dollar recently to remain competitive.

In the last six months, the dollar’s value appreciated more than 7 percent against Indian currency and 18 percent against taka, according to Mansur.

https://bdnews24.com/economy/2019/0...rge-with-over-1-billion-in-18-days-in-january

 

[Bilal9]

Hairey Gareeb loker rokto pani kora taka. :-(

Sad but this is what the entire subcontinent is floating on.

We need to get out of depending on this. Total Haramkhori.

 

[GHALIB]

Bangladesh’s remittance inflows surge with over $1 billion in 18 days in January
Abdur Rahim Harmachi, Chief Economics Correspondent, bdnews24.com

Published: 21 Jan 2019 03:32 AM BdST Updated: 21 Jan 2019 03:32 AM BdST

• 

After a 15 percent year-on-year rise in remittance inflow in 2018, the positive trend of money sent by the Bangladesh expatriates working abroad has continued into the new year.

The amount of remittance received by Bangladesh crossed the $1 billion mark in the first 18 days of January.

It was at $1.7 billion on Jan 18, giving a boost to the central bank’s foreign currency reserves as well, according to latest figures released by the Bangladesh Bank.

Even after paying the Asian Clearing Union or ACU bills of around $1.15 billion for imports in the November-December period on Jan 8, the reserves was more than $31 billion on Sunday.

Money sent by more than 10 million non-resident Bangladeshis makes up about 12 percent of Bangladesh’s GDP.

In November and December last year, the country received $1.18 billion and over $1.2 billion, respectively, in remittance.

The depreciation of taka against the greenback and the central bank’s measures to strengthen its surveillance on hundi played a major role in encouraging migrants to send home more remittance in the last year, analysts say.

Policy Research Institute Executive Director Ahsan H Mansur suggested keeping dollar rate constant against taka at 85 to boost remittance inflows and exports.

Many countries like India, China and Vietnam devalued their currencies against US dollar recently to remain competitive.

In the last six months, the dollar’s value appreciated more than 7 percent against Indian currency and 18 percent against taka, according to Mansur.

https://bdnews24.com/economy/2019/0...rge-with-over-1-billion-in-18-days-in-january

wow , great .

 

[Black_cats]

Hairey Gareeb loker rokto pani kora taka. :-(

Sad but this is what the entire subcontinent is floating on.

We need to get out of depending on this. Total Haramkhori.

Problem is not it is money of poor people. The problem is family members and relives/neighbor take it for granted whenever they will ask money they will get it. These people has a mindset that they have almost unlimited flow of money. I have experienced it in my own personal life. Sending money and using it for unproductive purpose like buying new dress, cell phone or electronics is complete waste of the money. Some labors are to blame for this as well. They pretend they have lots of money and they are super rich without telling true story of their financial condition.

 

[TopCat]

Speak for your own country only stupid idiot.

YOu drug addict or what?

 

[Nilgiri]

YOu drug addict or what?

Thats you yaba loving lot....esp claimed mongol product like you.

I bring out the numbers (want me to?...say the word), you always bring out the emotional crying....alladin skyscraper style.

 

[TopCat]

Thats you yaba loving lot....esp claimed mongol product like you.

I bring out the numbers (want me to?...say the word), you always bring out the emotional crying....alladin skyscraper style.

You should visit a rehab center first.

 

[enquencher]

Lol @Nilgiri bro tell me real story of what is the real issue of bangu with u.

 

[bluesky]

Speak for your own country only stupid idiot.

You seem not to like @Bilal9 talks of India? He is sympathetic to Indian migrant labor also. How about praising him once.

 

[Destranator]

Speak for your own country only stupid idiot.

Unnecessary. Why not focus on the broader point @Bilal9 is making instead of arguing over the degree of dependence on remittance of each country?

If the same standard of accuracy is imposed upon all members throughout PDF the forum would cease to exist. Try applying the same standard to members of your favourite country and see how quickly your tag buddies start crying to the mods for your ban.

 

[Bilal9]

YOu drug addict or what?

Ei bekoob claim koray jey India remittance khaina - aajkal India Amrika ban gaya.

India is the world's largest remittance recipient from it's overseas diaspora - both legal and illegal. As of 2017 (the latest data available) overseas Indians (NRI's) remitted USD 69 Billion to the Indian economy. And yes, this does not even include back-office work done for overseas companies, which could be several factors higher than that USD 69 Billion figure.

https://www.worldbank.org/en/news/p...es-to-low-and-middle-income-countries-in-2017

Most Sanghis have a 'hide your head in the sand' attitude about this, because they simply are not aware what level of poverty their country is in. Ignorance is bliss - I guess.

By the way - the fourth largest source of remittance for India is Pakistan, its sworn enemy (as of 2015, it was a staggering $4.9 billion and probably more now, similar to the amount from Bangladesh too). Now THAT is what I call friggin' Haramkhori for Indians, Pakistanis should put a stop to this immediately....

https://www.business-standard.com/a...e-of-remittances-to-india-115122400035_1.html

Bhikkhar Khoirati takai jara choley - tader eto ahomika thik na. Apologies to my sane Indian brothers and sisters who know this and acknowledge it.

Gareeb log is Gareeb log, they don't wear their flags on their sleeves. That is why we have opened up our garments industry to skilled people from neighboring Indian states. Borders don't mean anything for poor people wanting to build better lives for themselves.

 

[Nilgiri]

You should visit a rehab center first.

Whatever you say mongol biman yaba daba doo babu

Lol @Nilgiri bro tell me real story of what is the real issue of bangu with u.

Just read....its coming up.

You seem not to like @Bilal9 talks of India? He is sympathetic to Indian migrant labor also. How about praising him once.

Just enjoy the show bro. You need the "migrant labour" anyway for your "4th industrial revolution" leadership is it not? You are not doing us any favours tbh....its simple meeting (and a good premium involved) of what BD cannot provide itself.

 

[Nilgiri]

OK moved the off topic stuff to here, feel free to discuss as much you want to over there @Al-Ansar

https://defence.pk/pdf/threads/whatever.46703/page-5178#post-11117602

As to proving what I mean here, its really not difficult:

Remittance is around 15 billion a year for BD and 70 billion a year for India.

Using impression of foreign exchange earning as some be-all end-all notion of "staying afloat" for an economy (which is a huge stretch to begin with, but lets go with it for argument sake):

If we are talking about total trade as the denominator:

India earns around 500 billion USD a year, Bangladesh around 40 billion a year.

Remittance ratio would be 14% for India and 38% for BD.

If we are talking about nominal USD GDP as the denominator (approx 3 trillion vs 250 billion):

Ratios would be 2.5% for India and 6% for BD.

If we are talking about total Market cap (which is the gross realisation of such things as FDI, FPI, internal investment as projected externally etc)...about 2.5 trillion vs 90 billion

Ratios would be 3% for India and 17% for BD.

If we are talking about Forex reserves (somewhat "net" capital-based realisation of the above)...about 400 billion vs 32 billion

Ratios would be 18% vs 47% respectively.

None of these ratios strike me as "holding a country afloat" (like was the case in the months and years preceding the 91 reforms in India for example...and unsure of BD history on it tbh given BD exposure internationally for long time was very limited to begin with).....save maybe for the remittance/forex reserve ratio (and maybe total trade ratio too) for BD's case (when compared to subcontinent which India is basically the approx 80% elephant in the room...hence the prefix name given to the subcontinent and an ocean too in the first place). If you want to compare to Pakistan, be my guest...you are doing lot better than them recently on these overall I will say (and Pakistan hopefully will set things right and improve now under new admin)....but Pakistan is not "the subcontinent" right?

So again, its best people (idiots or otherwise) talk only about their definitions pertaining to their country only if they do not know the basic argument/scope to begin with.

@GeraltofRivia @bluesky @Joe Shearer @Vibrio @jbgt90 @Major Sam @VCheng

 

[Joe Shearer]

@Nilgiri

Dear Sir, If you had given me a hint 50 years ago - how time flies! - I'd have taken Economics as a minor to be able to keep up with your notes. As it is, I have had to read up on basics. It has to be admitted that that is no bad thing, and I am happy re-visiting these fundamentals.

Also thank you for your ruthless efficiency in dispelling sentimental clouds about ourselves, and helping to get rid of illusions. In the short run, it might sting a bit, all right, perhaps a bit more than 'a bit'. In the medium run, it will help us view things with objectivity and detachment, and perhaps also help us to step away from our partisan points of view.

 

[bluesky]

Just enjoy the show bro. You need the "migrant labour" anyway for your "4th industrial revolution" leadership is it not? You are not doing us any favours tbh....its simple meeting (and a good premium involved) of what BD cannot provide itself.

Being a small kid brother of Dada India, BD is doing more than it can sustain. 4th revolution is a politically motivated expression for local consumption. Haseena and her ministers are competing with each other with expressions like Bullet train, Jetplane development, Mars mission, a $7 billion airport somewhere, and now the 4th industrial revolution. The reality though is BD has yet to initiate the 1st one.

Whatever it may be, but BD is contributing to the Indian economy which is out of line. It is giving connectivity to India's NE, buying power, buying more than $5 billion worth of goods, employing at least a million Indians which goes up seasonally during harvest in our borderland with Tripura, and so on.

Note also how we have curtailed the fanatic activities that should have caused a reduced presence of IA troops near our border. However, India has kept us surrounding with 300,000 troops all year round. I wonder if India is fearful of BD's impulsive nature or it wants to intimidate us with a big presence. Anyway, by character, India is an ingrate.