Hundi circle behind decreasing remittance

Reza Mahmud :
Hundi circle of collecting and sending migrant Bangladeshi’s money through illegal ways are behind the decreasing trend of remittance from the Middle Eastern countries.
The hundi circle are using fake mobile apps in the name of ‘Nagad’ and ‘bkash’ for collecting money from the Bangladeshi Diasporas from Saudi Arabia and the other countries in the region.
Data showed that Saudi Arabia was the highest remittance sending country for long. The Middle Eastern country is the top recruiter of Bangladeshi manpower.
According to Bagngladesh Bank data, the highest remittance sent from the Kingdom of Saudi Arabia was USD 4541.96 million in 2021-22 financial year, while the Bangladeshis from the United States sent USD 3438. 41million, as the second higher remittance inflows.
The remittance from the USA was USD 1103.55 million less than it sent from the KSA in the fiscal year.
Earlier, the KSA remitters sent USD 5721.41 in 2020-21 financial years while the Bangladeshi Diasporas from USA sent USD 3461.68 million in the very same year.
In that FY the remittance from USA was USD 2259.73 million less than the money sent from the Saudi Arabia.
On the other hand, the remittances from the USA toppled Saudi Arabia since first month of the current financial year.
The Bangladesh Bank’s data showed that the Bangladeshi migrants from the USA sent USD 363.34 million in July, USD 358.73 mln in August, USD 277.70 mln in September, USD 233.69 mln in October, USD 304.91 mln in November, USD 428.29 mln in December and USD 298.70 in January 2023.
Meanwhile, the Bangladeshi Diasporas from Saudi Arabia sent USD 349.64 mln in July, USD 341.71 mln in August, USD 307.66 mln in September, USD 308.50 mln in October, USD 295.25 mln in November, USD 306.39 mln in
December and USD 308.72 in January 2023.
It showed that a total 2265.36 mln USD was sent till January from the USA while the migrant workers from the KSA sent USD 2217.87 in the same period which was less by USD 47.49 mln than the remittance from USA.
As per the central bank’s data, the KSA’s remitters sent money more than the USA’s only two months of September and October in the current fiscal years.
According to the US Census Bureau’s 2018 American Community Survey, 2,13,372 people of Bangladeshi origin were living in the United States.
Meanwhile, the data from the Bureau of Manpower Employment and Training (BMET) of Bangladesh said that about 20 lakh Bangladeshi migrant workers are working in the KSA as the highest number of the community living abroad.
When contacted, Reaz-ul-Islam, Senior Vice-President of Bangladesh Association of International Recruiting Agencies (BAIRA) told The New Nation, “Our migrant workers are working mostly in the remote regions of the Middle Eastern countries like Saudi Arabia where banking facilities are merely absent”.
“As a result, number of the migrants workers send their money through hundi which failed to count as remittance,” the BAIRA leader said.
He said that the hundi circle is very strong in the Middle East. They have a network where the migrant workers and even their families are in trapped.
The hundi circle used to go those remote areas to the Bangladeshi workers just their salary payment date and allure and finally compel them to send money through their networks.
When contacted, Md Mezbaul Haque, spoke person of Bangladesh Bank told The New Nation on Saturday, “We have finalise the policy for Mobile Financial Services (MFS) so that the Nagad and bkash and such others providers can operate their apps in Middle Eastern countries.”
He said the legal MFS could operate in the region within two months and the remittance flow will increase soon.