In the last financial year 2021-22, remittances from the United States were 343 crore 84 lakh 10 thousand US dollars. And 454 million 1960 thousand US dollars came from Saudi Arabia.
Saudi Arabia is the highest remittance sending country ever. The picture reversed in the middle of the outgoing 2022-23 fiscal year. Expatriate income from the US surpasses that of Saudi Arabia.
However, the remittance flow from Saudi Arabia is slightly lower but still retains the top position at the end of the year. The second highest expatriate income comes from the United States.
According to the data of Bangladesh Bank, in the fiscal year 2022-23, the income of expatriates from the United States was 352.2 million US dollars. And the expatriate income from Saudi Arabia is 376 million 52 million 40 thousand US dollars. Expatriate income of both countries has increased compared to the previous year.
The Center for Policy Dialogue (CPD) finds the majority of immigrant income coming from the US to be anomalous. The research institute fears that the money that was laundered is coming back in the form of expatriate income for incentives. The Bureau of Manpower Employment and Training (BMET) does not have data on the rate at which remittances increase significantly when people migrate to the United States.
The research institute also sees the rationale for repatriation of laundered money from the US as devaluation of the currency can also lead to repatriation of laundered money to fetch more against the dollar.
The chairman of the research institute Rapid thinks that the return of money smuggled in the form of expatriate income is subject to investigation. Abdur Razzaq. He told BanglaNews that remittances are not coming at the rate people are going to Saudi Arabia. The reason for not coming is Hundi or non-bank transactions.
He also said that Hundi Karbari is destabilizing the dollar market. If there is corruption in the country, there is a demand for dollars. Dollars are bought at whatever price. Because, illegal money or corrupt money will buy dollars at any price. There is no loss for them. This creates volatility in the local dollar market. And its impact is on expatriate income. That is why our expatriate income is not coming through Hundi.
Bangladesh’s historical relationship with Saudi Arabia. Patna as a labor market is about half a century ago. According to the information of the relevant office of Ministry of Expatriate Welfare, after 217 people went to the country in 1976, last year 2023, 1 lakh 22 thousand 572 people went in search of work. And so far the number of people who have gone to the country is 54 lakh 3 thousand 532 people. The number of people going to Saudi Arabia has increased at a geometric rate every year for about five decades.
According to the data of Manpower Employment and Training Bureau, 3 lakh 23 thousand 10 people left Bangladesh in 2023. 46 thousand 367 people went to Oman along with the largest number of people who went to Saudi Arabia; 82 thousand 893 people in Malaysia; 25 thousand 295 people in United Arab Emirates; 12 thousand 303 people in Singapore, 7 thousand 753 people in Kuwait; 6 thousand 510 people in Qatar. Apart from this, people of Bangladesh are working in more than hundred countries.
