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| Writer: Md. Ahsanul Kabir |
Introduction:
Remittance is a transfer of money by a foreign worker to his or her home country. Remittances contribute to economic growth and to the livelihoods of people world wide. Moreover, remittance transfers can also promote access to financial services for the sender and recipient, thereby increasing financial and social inclusion. Remittances also faster in the receiving countries, a further economic dependence on the global economy instead of building sustainable, local economies.
Remittance is a transfer of money by a foreign worker to his or her home country. Remittances contribute to economic growth and to the livelihoods of people world wide. Moreover, remittance transfers can also promote access to financial services for the sender and recipient, thereby increasing financial and social inclusion. Remittances also faster in the receiving countries, a further economic dependence on the global economy instead of building sustainable, local economies.
History:
Remittances are not a new phenomenon in the world, being a normal concomitant to migration which has always been a part of human history. Several European countries, for example Spain, Italy and Ireland were heavily dependent on remittance received from their emigrant during the 19th and 20th centuries. In the case of Spain, remittances amounted to the 21% of all its current account income in 1946.Italy was the first country in the world to enact a law to protect remittances in 1901. Spain was the first country to sign an international treaty (with Argentina in 1960) to lower the cost of remittances received.
Remittances are not a new phenomenon in the world, being a normal concomitant to migration which has always been a part of human history. Several European countries, for example Spain, Italy and Ireland were heavily dependent on remittance received from their emigrant during the 19th and 20th centuries. In the case of Spain, remittances amounted to the 21% of all its current account income in 1946.Italy was the first country in the world to enact a law to protect remittances in 1901. Spain was the first country to sign an international treaty (with Argentina in 1960) to lower the cost of remittances received.
Manpower export:The Bureau of Manpower Employment and training source said more then 76 lakh Bangladeshi workers are working in 143 countries across the world. Of them 80 percent are working in Saudi-Arabia, Malaysia, Kuwait, Qatar, Jordan, UAE, Bahrain and Lebanon. The rest are working in Egypt, Brunei, Darussalam, Libya, South korea, Japan, and other countries. The BMET source said “the government is now providing training through its 38 training centers to the migrant workers and some 35 centers are expected to be established soon to provide training for the job seekers.
Bangladesh & Remittance:
Bangladesh has emerged as the eight largest remittance earner in the world. Among the development countries, Bangladesh holds the fifth position. Bangladesh’s inward remittance stood at $12.17 billion upto December, 2011, according to the statistics of Bangladesh Bank. The country received $1.1 billion remittance in December 2011 form non-resident Bangladeshis. The remittance earned in December 2011, was 25.92 percent higher than that of November the same year and 18.09 percent higher than that of December 2009.Inward remittance rebounded in October on the eve of Eid-ul-Azha, as it increased by 23 percent over that a month ago. The central bank figures showed that during the last fiscal year (2010-2011), Bangladesh received their highest remittance of $3290.03 million from Saudi-Arabia, followed by $2002.63 million from UAE, $1075.75 million from Kuwait, $334.31 million from Oman, $319.36 million from Qatar, $ 185.93 million from Bahrain and $5.20 million from Libya.
Bangladesh has emerged as the eight largest remittance earner in the world. Among the development countries, Bangladesh holds the fifth position. Bangladesh’s inward remittance stood at $12.17 billion upto December, 2011, according to the statistics of Bangladesh Bank. The country received $1.1 billion remittance in December 2011 form non-resident Bangladeshis. The remittance earned in December 2011, was 25.92 percent higher than that of November the same year and 18.09 percent higher than that of December 2009.Inward remittance rebounded in October on the eve of Eid-ul-Azha, as it increased by 23 percent over that a month ago. The central bank figures showed that during the last fiscal year (2010-2011), Bangladesh received their highest remittance of $3290.03 million from Saudi-Arabia, followed by $2002.63 million from UAE, $1075.75 million from Kuwait, $334.31 million from Oman, $319.36 million from Qatar, $ 185.93 million from Bahrain and $5.20 million from Libya.
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