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The country earned $18. 21 billion in remittances in fiscal 2019-2020, up 9. 6% from last year.
Bangladesh reached a new record for remittances in the last fiscal year, despite the global monetary crisis caused by the Covid-19 pandemic.
The country earned remittances of $18. 21 billion in fiscal 2019-2020, up 9. 6% from the previous year, according to official figures. In fiscal year 2018-2019, the country earned $16. 4 billion and $14. 98 billion in 2017-18.
Experts say the massive entry of remittances has made its way into the country through legal channels, as transactions through “sinking,” an illegal formula of hand-to-hand monetary transactions from centuries ago, have plummeted massively amid the pandemic, which was followed by widespread blockades and restrictions around the world.
But, contrary to the entry of record remittances, a review by the Bangladesh Civil Society for Migration (BCSM) suggests that 39% of migrant employee families earned remittances in the last 3 months of the current fiscal year, 2020-2021.
As of 18 September, a total of 141,036 migrant workers had returned home as a result of the pandemic, while 181,273 migrant workers had controlled abroad. The government’s purpose was to send 700,000 new employees abroad this year.
In statements to the Dhaka Tribune, experts said Bangladesh had reached a new record in remittances at a time when all situations and principles of the global economy opposed it, indicating that huge sums of cash were becoming inside and outside the country’s gates. through illegal canals before the pandemic began.
They also stated that, in addition to the fact that the government was wasting massive tax revenue as a result of these illicit transactions, setting a new remittance record, the pandemic had revealed the true symbol of these foreign monetary transactions.
Reasons for the increase
Dr. Tasneem Siddiqui, founding chairman of the Refugee Research and Migration Unit (RMMRU), told Dhaka Tribune that there were several reasons why remittances had more pandemics.
First, hiring agencies administer visas each year, each costing between $1,500 and $2,000, through corporations and agencies in host countries, he said. If 600,000 employees move abroad, those hiring agencies will have to pay about $900 million in total for visas.
This amount is paid regularly through hundreds after cash has been collected from migrant staff abroad. However, this year there was no room for such transactions because staff did not do so abroad, he said.
Second, according to Tasneem, monetary transactions similar to gold smuggling depend entirely on the sinking system. As very few people have bought gold in the past seven or eight months, the gold smuggling rate has also plummeted, leaving traffickers out of being able to charge migrant staff. For this reason, the maximum number of migrant staff had no means other than to use legal channels.
Third, many companies, adding start-up and structure companies, use lower-tax billing when loading materials, Tasneem said. The rest of the payment is made through cash collected from migrants through sinking and after cessation of imports. because of the pandemic, these illegal transactions had also declined considerably.
Fourth, the government’s 2% incentive to send the budget through the appropriate bank channel has encouraged others to use valid means of cash transfer.
“That’s why only 39% of migrant employee families earned more remittances than the total amount paid throughout the expat in recent years,” said Dr. Tasneem, also a professor of political science at Dhaka University.
“Migrant incomes fell particularly in April, May and June this year. So an increase in remittances implies an increase in migrants’ incomes,” he added.
Zahid Hussain, a former senior economist at the World Bank in Bangladesh, told Dhaka Tribune: “Income is the suitability of the economies bangladesh works in. Due to an economic recession, host countries have reduced their number and wages. “
“More cash came here through the banking channel because the sunken formula absolutely closed this year,” he added.
Prediction of the coming years
Fearing a momentary wave of Covid-19 in the US, the US is not the only one in the world. U. S. , UK and European countries next winter, oil costs may fall to a new low in the coming days. So far, no country has been able to succeed over the effect. from the first wave of the pandemic.
“The United Kingdom, the United States and European countries assume that the wave at the moment may be heavier than the first wave of Covid-19. These economies have not yet triumphed over the effect of the first wave of Covid-19, ” said Zahid.
He continued: “In the Gulf, oil revenues have fallen into sediment. As a result, many countries have halted many oil-income government projects. Many Bangladeshi immigrants who worked on government projects of this type are now unemployed. “
“If the scenario doesn’t unfold quickly, there will be no option to expand the income of migrant staff in the near future,” he added.
If the pandemic is temporarily controlled, the world economy could return to its previous state in the next two years, the economist said.
Brac’s migration program chief, Shariful Hasan, told Dhaka Tribune: “About 50 million more people depend directly on remittances. The value of oil in the Gulf countries, where 75% of our migrants work, is at an all-time low The challenge may not be resolved soon. “
“In the future, no country will settle for unskilled workers. Kuwait has already stated that it will no longer hire unskilled workers. But 50% of Bangladeshi migrants are totally unskilled. We only have 2% of pro-migrants abroad. “
“It will be difficult to generate revenue in the coming years,” he added.
Shariful also finds other employment opportunities for Bangladeshi workers.
Similarly, RMMRU President Dr. Tasneem said: “There is still no other option to build a professional through education to increase remittances. Health professionals will now be the key sector of global procurement. “
Sending budget at a glance
A total of 13080501 Bangladeshi have been gone since 1976.
Of these, the number, 4,183,585, went to Saudi Arabia; followed by 2,372,398 in the United Arab Emirates; 1,518,268 in Oman; 1,057,177 in Malaysia.
The rest of the migrants went to other countries.
Saudi Arabia, the highest issuing country in fiscal year 2019-2020.
In 2019-20, Saudi Arabia’s migrant sent $3533. 9 million, followed by the United Arab Emirates with $2264. 28 million, United States with $2154. 16 million, Kuwait with $1237. 78 million, United Kingdom with $1252. 95 million, Malaysia with $1,120. 87 million and Oman with $1,107. 3 million. .
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Kazi Anis Ahmed, editor