Bangladesh receives near $2b in remittance in 22 days
Muhammad Ayub Ali :
Expatriate Bangladeshis have sent nearly $2 billion in remittances during the first 22 days of February in the fiscal year 2024-25, reflecting a steady inflow of foreign currency crucial for the country’s economy.
According to Bangladesh Bank (BB) data, the country received $1.93 billion during this period, following remittance inflows of $2.18 billion in January and $2.64 billion in December.
State-owned banks played a significant role in channeling remittances, bringing in $831.36 million, while 43 private sector banks facilitated $1,094.29 million in inflows.
Among them, Agrani Bank PLC handled the highest amount at $274.81 million, followed by Islami Bank Bangladesh PLC with $269.21 million and Janata Bank PLC with $186.97 million.
Meanwhile, recognizing the critical role of remittances in the national economy, the Bangladesh government has undertaken multiple initiatives to enhance inflows and uphold the dignity of migrant workers. Key measures include:
Incentives for Remitters: The government continues to provide a 2.5 percent cash incentive on remittance transfers through legal banking channels, encouraging expatriates to send money home formally instead of using informal hundi networks.
Banking and Digital Infrastructure: To ensure hassle-free transactions, banks have been instructed to simplify remittance processing, expand digital banking facilities, and collaborate with international money transfer services for faster transactions.
Diplomatic Engagement and Bilateral Agreements: The government has strengthened diplomatic ties with major labor-receiving countries to secure better job opportunities and labor rights for Bangladeshi workers. Agreements with Gulf nations, Malaysia, and European countries have facilitated new employment avenues.
Skill Development Programs: To increase the competitiveness of Bangladeshi workers in the global job market, the government has launched vocational training programs and certification courses through institutions like the Bureau of Manpower, Employment, and Training (BMET).
Support for Migrant Workers: Various welfare initiatives, including pre-departure training, legal assistance, and financial aid, have been implemented to protect and empower migrant workers abroad. Additionally, initiatives like the Probashi Kallyan Bank provide financial support to aspiring migrants.
Apart from these the government has prioritized safeguarding the rights and dignity of Bangladeshi expatriates through various policy interventions:
Strengthening Labor Rights: Measures have been taken to prevent labor exploitation and ensure fair wages for migrant workers through negotiations with host countries.
Reintegration Programs: Returning migrant workers are provided with financial assistance, skill enhancement opportunities, and entrepreneurship support to help them reintegrate into society and contribute to the local economy.
Awareness Campaigns: The government has launched campaigns to educate workers about their rights, safe migration practices, and available legal protections to prevent fraud and human trafficking.
With these continued efforts, Bangladesh aims to further increase remittance inflows while ensuring the well-being and dignity of its expatriate workforce, recognizing their invaluable contribution to the country’s economic growth and stability.