• Wednesday, Dec 08, 2021
  • Last Update : 03:06 pm

The importance of boosting remittance

  • Published at 11:46 pm January 3rd, 2019

There is so much more we could do to boost remittance earnings

Remittance is the second-highest source of foreign currency earnings for Bangladesh, second only to the ready-made garments industry.

However, in terms of net earnings, remittance can be considered the highest, since a large portion of RMG earnings need to be spent on raw materials.

As such, there is no way to underestimate the importance of remittance earnings in the growth of the Bangladeshi economy.

The good news on the remittance front in the new year is that in 2018, a total of $15.57 billion was sent home by Bangladeshi expatriates, some $2.04bn higher than the 2017 figure, and this increase is nothing if not significant.

Now that the central bank has strengthened its surveillance against hundi, official remittance numbers could look even brighter in the future, as fewer and fewer workers abroad will be turning to illegal channels to send their money.

Having said that, there is so much more we could do to boost remittance earnings.

One way is to help migrant workers and prospective migrant workers access information, and making the whole process easier, safer, and free of harassment from unscrupulous middlemen; to that end, the migrant portal is a worthy initiative.

There are costs, both monetary and non-monetary, to sending remittance, and it is crucial that such costs are reduced.

Developing the skills of migrant workers should also be one of our main goals, because right now, most workers being sent abroad from Bangladesh are largely unskilled and untrained. 

Bangladesh is at a crucial point in its development story, and a healthy remittance stream will, no doubt, play a major part in helping us reach our economic goals.

Facebook 51
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail