The New Nation - Internet Edition

Mashiur Rahaman

Inward workers' remittance from across the world is expected to set new record by the end of current fiscal year 2007-08.

On the basis of present inward remittance-earning record, workers from various part of the world have sent comparatively more remittance to their relatives then ever. Remittance earning in the first three quarter (July-March) in 2007-08FY has almost reached up to the full year earning recorded in 2006-07FY.

"During July-March period of current fiscal year, we have earned about $5540 million as workers' remittance. The remittance inflow was around $1200 million higher that the remittance earned in the earlier year during the same period," said an official from Bangladesh Bank.

According to the Bangladesh Bank Remittance earning record, total $5978.5 million was earned during the 2006-07 FY. It was $4361.2 million during the July-March period in 2006-07 FY. As our per quarter remittance earning showing over $300 million growth during the last three quarter in 2007-08 FY, we are optimistic to forecast our probable remittance earning in the fourth quarter (April-June 07-08FY) would be near about $2500 million, said the official of Bangladesh Bank.

"If everything goes normal, the yearend workers' remittance would reach up to $8000 million in 2007-08 fiscal year, setting all time new record," he added. In region-wise remittance inflow, it was reported that the Middle Eastern countries remained on the top as a source of employment for Bangladeshi workers. Total $3449 million was earned from the region during July-March period of current fiscal year. It was $711 million higher than the earning recorded during the same period in the previous financial year.

In 2006-07 FY, workers' remittance from the Gulf Region was recorded $3730 million.

Country wise, Saudi Arabia still on the top for remittance earning for Bangladeshi workers, recorded about $1459 million earning during the first three quarter (July-March) in current fiscal year. It was $147 million higher than the remittance earned during the same period in 2006-07FY.

Yearend remittance in 2006-07 fiscal year from Saudi Arabia was $1735 million, as recorded.

Other countries, which have shown significant growth in remittance earning were UAE, Kuwait, Oman in Middle Eastern region, Singapore and Malaysia in Asia Pacific Region and United Kingdom in Europe and USA from North American region.

Favourable Government policy regarding manpower export and transparent process of money transaction was given the credit for this major achievement.