Archive for the ‘Remittances’ Category

The government has ordered to carry out investigation into allegations of irregularities and anomalies in 100-day employment generation scheme implemented during the army-backed caretaker government involving Tk 1200 crore.

Food and Disaster Management Minister Abdur Razzak disclosed it in parliament yesterday while replying to a query of Awami League (AL) lawmaker Major General (retd) Abdus Salam.

(বিস্তারিত…)

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Remittance slump in offing?

Posted: ফেব্রুয়ারি 24, 2009 in Remittances

Govt and manpower agencies need to plan for downturn

That recruitment agents fear a 50 per cent slump in the demand for migrant workers due to the on-going global economic crisis, which could lead to a corresponding slump in remittance earnings, is worrisome news for the economy.

Last year migrants remitted some $9 billion, well over 10 per cent of the country’s GDP, and remittances have been the backbone of the economy for the past few years, playing the key role in keeping families afloat through the rise in prices of essentials, especially in the rural areas. (বিস্তারিত…)

Stop human trafficking

Posted: ফেব্রুয়ারি 23, 2009 in Human Rights, Remittances

Human trafficking is the recruitment, transportation, harbouring, or receipt of people for the purposes of slavery, forced labour (including bonded labour or debt bondage), and servitude. The total annual revenue for trafficking in people is estimated to be between $5 billion to $9 billion. The Council of Europe states that people trafficking has reached epidemic proportions over the past decade, with a global annual market of about $42.5 billion. Trafficking victims typically are recruited using coercion, deception, fraud, abuse of power, or outright abduction. Threats, violence, and economic leverage such as debt bondage can often make victim consent to exploitation. (বিস্তারিত…)

A lingering global meltdown to hurt remittance

Posted: ফেব্রুয়ারি 15, 2009 in Remittances

Remittance from Bangladeshi migrant workers and export earnings will seriously be affected if the global recession lingers, Bangladesh Economic Association (BEA) President Dr Qazi Kholiquzzaman Ahmad said yesterday.

“There will certainly be an impact on remittance, as many workers are already losing jobs abroad and overseas employment is coming down,” he said, speaking at a seminar on Economics of Migrant Remittance: What Shapes and What Shakes. (বিস্তারিত…)

Remittance to figure in BB meet today

Posted: ফেব্রুয়ারি 10, 2009 in Remittances

The central bank has given special weight to a smooth inflow of remittance and its productive uses, senior officials of Bangladesh Bank (BB) said on the eve of a high-profile meeting with bankers.

“Remittance issues will dominate tomorrow’s meeting between the central bank high-ups and managing directors of different commercial banks,” a senior BB official told The Daily Star yesterday. (বিস্তারিত…)

Study suggests govt measures to help gain remittance target

Posted: ফেব্রুয়ারি 4, 2009 in Remittances

The remittance flow this fiscal year would reach the target of $10 billion, even though the recruitment of workers reduces, if the government properly takes care of the Bangladeshis already employed overseas, reveals a research conducted by the Refugee and Migratory Movements Research Unit (RMMRU).

The research on Remittance Transfer to Bangladesh from Malaysia: Constraints and Prospects was conducted by Professor Tasneem Siddique on behalf of the Remittance and Payments Partnership Project of Bangladesh Bank.

Although retrenchment is taking place in Malaysia, yet the authorities do not have any plan to send Bangladeshi workers back to their country, they want to relocate them, a seminar, where the research findings were released, was told yesterday.

The RMMRU organised the seminar at a hotel in the capital.

A suggestion was also made that the government should initiate a negotiation with the Malaysian authorities for such relocation of workers.

Presenting the research paper, Tasneem suggested carrying out a campaign in the form of road shows in remote areas of Malaysia providing information on the formal channels of remittance transfer that are available in specific locations.

She also suggested special incentives for the remittance houses opening branches in Malaysia.

Tasneem urged the government to form a task force with the representation from the central bank, ministries of expatriate welfare and overseas employment, foreign affairs and finance, Bureau of Manpower Employment and Training and RMMRU to materialise the suggestions she has made.

The discussants at the seminar urged the government to take proactive and necessary steps to ensure smooth flow of remittance.

Deputy Governor of Bangladesh Bank Ziaul Hasan Siddiqui spoke as chief guest, while Executive Director Chowdhury Mohibul Haque was the special guest at the seminar, moderated by Executive Director of RMMRU Prof CR Abrar.

The daily star 05.02.2009

Remittance inflow marks record

Posted: ফেব্রুয়ারি 3, 2009 in Remittances

In January a record $865 million remittance flowed into the country to mainly pay for the national and upazila election expenditures and to bear the applicants’ security money for residential plots in the Uttara and Purbachal projects of Rajuk.

Earlier in July last year, $820 million in remittance came in, which was the highest in a single month. Remittance marked a 29 percent rise in the July-January period of the current fiscal year reaching $5,369.98 million, which was $4,151.25 million in the same period last fiscal.

The World Bank and the government apprehended an adverse impact of the global financial crisis on remittance inflow. But until now, there have been no negative impacts on remittance.

Bangladesh Bank sources said as the Bangladeshi workers abroad fall in the low-income group, the impact of the world financial meltdown will not be so severe on the country.

Explaining the high inflow of remittance in January, they said many expatriates sent money home for polls spending and many others deposited security money while applying for Rajuk plots in Uttara and Purbachal projects. Another probable cause may be that the foreign exchange earners feel it will be more secure to send money home rather than keeping it abroad due to the global financial crisis.

A BB official said the remittance inflow is good, and although there is a huge pressure on import expenditure, the forex reserve is still satisfactory. Yesterday the foreign currency reserve was $5,555.78 million.

The daily star 04.02.2009