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The country’s remittance earnings from two western countries — the United States and the United Kingdom — have doubled in the last four years, a reflection of growing employment and migration of Bangladeshi nationals to these two countries.
With increased earnings from the two countries, the US turned out to be the second-largest source of remittance for Bangladesh in the April-June period of 2021.
In April-June of 2017, the US was the third source of remittance for Bangladesh. Bangladesh’s remittance earnings from the US stood at $490.05 million in the April-June period of 2017.
Within a span of four years, the country’s earnings from the US increased by 98.46 per cent or $437.48 million to $972.53 million in the April-June period of 2021.
Besides the US, the inflow of remittance from the UK has increased by 110.96 per cent or $226.9 million in the last four years.
Earnings from the UK increased to $507.44 million from $240.54 million during the period.
As a result of the surge in income, the UK became Bangladesh’s fourth largest source of remittance in the AprilJune period of 2021, up from its seventh position four years ago.
Even though remittance inflow from the two countries had increased sharply, the data of the Bureau of Manpower, Employment and Training showed that only 86 individuals had migrated to the UK in the last four years and data on migration or employment in the UK was not available at the BMET.
The BMET data showed that migration to the UK was at its peak in 2005 when 2,793 individuals migrated to the country formally.
Besides, migration to the UK gained momentum in 2003 when 166 individuals migrated there and annual migration rate to the country remained above 100 till 2010. Afterwards, the yearly migration rate came down below 100.
People who have migrated to the US and the UK and were sending money home have gone there mostly for academic purposes and have settled there, officials of the BMET said, adding that the government, however, does not have any information on how many people have settled there after going there to pursue higher education.
Another section of people migrates to the country illegally and do not return to Bangladesh until or unless they receive legal documents to return, they said.
It is a good sign for Bangladesh since people who have secured jobs in these two countries would be able to send much more money than those who have migrated to the Middle East, they said.
The coronavirus outbreak also prompted many expatriates living in western countries, including the UK and the UK, to extend financial support to their family members.
In April-June of 2021, the inflow of remittance was $6.18 billion. Of that remittance, Bangladesh received the highest 22.08 per cent from Saudi Arabia, the second highest 15.74 per cent from the US, the third highest 9.08 per cent from the United Arab Emirates and the fourth highest 8.21 per cent from the UK followed by Kuwait’s 7.69 per cent, Malaysia’s 7.14 per cent and Oman’s 5.9 per cent.
(NA)
