Remittance at record high commendable
It is heartening to note that the fiscal year has closed posting $15.31 billion worth of remittance, the highest ever in Bangladesh's history. This represents an increase of $1.8 billion over the level of last year. This may be modest but a valuable increase in our migrant workers' contribution to the national economy.
It is a particularly significant achievement because this has been pulled off in the face of a decline in the number of people leaving the country for employment abroad. Star research informatics show that from a peak 9.8 lakh in FY 2008 through 6.9 lakh in FY12 the number of migrants dropped to 4.1-4.2 lakh in FY 14-15. We know that in the intervening years there had been returnee workers to cope with.
All this goes to highlight much better, efficient and hassle-free handling of remittances from the source to the point of destination. The fine-tuning of the banking arrangements spurred on by the central bank served as a strong factor behind the workers' switch from the informal channel on to the formal one. Furthermore, delivery channel of inward remittances to the beneficiary has improved markedly owing to mobile banking with Bangladesh Bank laying emphasis on it. We laud the central bank and the commercial banks for their facilitation measures. Admittedly, stable US Dollar-Taka exchange rate helped the steady growth in remittance.
With Saudi Arabia and Malaysia reopening their labour markets to Bangladeshi workers things should be looking up on those fronts .Yet we should turn to potential destinations in other Continents through vigorous worker training customised to demands in possible host countries. Meanwhile, we need to solve the trafficking problem in close cooperation with the regional countries to protect our goodwill.