Languages
Page last updated at 22:33 GMT, Sunday, 6 September 2009 23:33 UK

Expats boost Bangladesh economy

By Anbarasan Ethirajan
BBC World Service

Bangladeshi migrant workers in Kuala Lumpur
There are large numbers of Bangladeshi workers in Kuala Lumpur

The amount of money sent home by Bangladeshis living abroad has reached a new record high, according to the Central Bank of Bangladesh.

In August, the total sum of money sent home reached a historic peak of $937m - up 30% from a year ago.

The boost to the Bangladeshi economy comes despite the global recession hitting overseas jobs.

Remittances are the country's second-highest revenue earner after exports.

Blue collar

There are an estimated 6.5 million Bangladeshis living and working abroad, mainly in the Middle East, Europe and the United States.

This shows that the global recession has had little impact on the flow of remittance to Bangladesh
Ziaul Hasan Siddiqui,

Central Bank of Bangladesh

Millions at home are dependent on money sent by their expatriate relatives - money that has been credited for the decline in poverty in the country.

"This is the highest monthly remittance we have received in our history," said Ziaul Hasan Siddiqui, deputy governor of the Central Bank.

"The figure also shows that the global recession had little impact on the flow of remittance to Bangladesh although job opportunities in the major markets have declined in recent months."

Many other countries have reported a sharp decline in remittances during the economic downturn.

But analysts say many Bangladeshis are in low-end jobs and so the recession has not hit them as hard as it has affected blue collar workers.

The increase in remittances could also be partly due to two upcoming religious occasions - the Muslim festival of Ramadan and the major Hindu religious celebration of Durga Puja.

However, the upward trend may not continue for long, as overseas employment has fallen in past months due to declining demand. The flow of migrant workers returning home has also increased.

The government of Bangladesh has identified seven new countries - including Lebanon, Sudan, Romania and Greece - to send workers to.

The state will seek to open diplomatic missions in those countries, to look for job opportunities.



Print Sponsor


SEE ALSO
Bangladesh suit ban to save power
02 Sep 09 |  South Asia
Building a secure future in Bangladesh
07 Jul 09 |  Science & Environment
Bangladesh adopts new time rules
19 Jun 09 |  Business
Bangladesh anti-graft chief quits
02 Apr 09 |  South Asia
Bangladesh 'losing on corruption'
19 Jun 08 |  South Asia
Country profile: Bangladesh
08 Mar 11 |  Country profiles

RELATED INTERNET LINKS
The BBC is not responsible for the content of external internet sites


FEATURES, VIEWS, ANALYSIS
Has China's housing bubble burst?
How the world's oldest clove tree defied an empire
Why Royal Ballet principal Sergei Polunin quit

BBC iD

Sign in

BBC navigation

Copyright © 2020 BBC. The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.

Americas Africa Europe Middle East South Asia Asia Pacific