With Bangladesh continuing to rebuild, we are also grappling with a myriad of economic challenges. At such a time, with external payment pressure on a nation already struggling with depleted foreign currency reserves, the significance of remittances has never been more pronounced.
To that end, it is indeed a relief to continue to see the rise in remittance inflows; remittances sent home by Bangladeshis living abroad rose 21.31% year-on-year to $2.39 billion in October.
To say that our migrant workers are providing a much-needed lifeline to the nation would be an understatement. Remittances not only bolster the national economy but also provide essential support to countless families across the nation.
However, while we have reason for optimism regarding remittances, the fact that the amount for October's was 0.41% lower than September's should give policymakers something to think about.
The resilience of Bangladeshi expatriates and their unwavering commitment to supporting the motherland can never be questioned, and they continue to be a pillar for our economy.
To that end, it is indeed a relief to continue to see the rise in remittance inflows; remittances sent home by Bangladeshis living abroad rose 21.31% year-on-year to $2.39 billion in October.
To say that our migrant workers are providing a much-needed lifeline to the nation would be an understatement. Remittances not only bolster the national economy but also provide essential support to countless families across the nation.
However, while we have reason for optimism regarding remittances, the fact that the amount for October's was 0.41% lower than September's should give policymakers something to think about.
The resilience of Bangladeshi expatriates and their unwavering commitment to supporting the motherland can never be questioned, and they continue to be a pillar for our economy.
Bangladesh routinely fails to show the support these workers richly deserve
However, as has been mentioned time and time again, Bangladesh routinely fails to show the support these workers richly deserve, and it is high time that this issue is treated with the seriousness it has always warranted.
If the government is to create an environment that encourages expatriates to send money back home, especially through formal channels, then it starts with ensuring that these hard-working individuals are not deprived of essential services and support, starting with our own nation and once they are at the host nations.
At a time when the economy is reeling, and with an eye towards our future, we hope that the authorities do not take the uptick in remittance for granted, and do what they must to ensure the trend continues.
If the government is to create an environment that encourages expatriates to send money back home, especially through formal channels, then it starts with ensuring that these hard-working individuals are not deprived of essential services and support, starting with our own nation and once they are at the host nations.
At a time when the economy is reeling, and with an eye towards our future, we hope that the authorities do not take the uptick in remittance for granted, and do what they must to ensure the trend continues.
