By: Shahiduzzaman Khan
Financial Express Bangladesh | 15 April 2017
After exports, inward remittance from the expatriates is the second highest revenue earning sector for Bangladesh. But the country suffered 2.55 per cent fall in inward remittances last fiscal year (FY). According to official statistics, the inflow of remittances came down to US$14.93 billion last fiscal as compared to that of $15.32 billion a year ago.
The reasons were attributed to weak development activities in the Middle-East (ME) countries, mainly due to lower prices of petroleum products on the global market. The devaluation of the currencies of the United Kingdom (UK), Singapore and Malaysia against the US dollar also led to squeezing the flow of inward remittances.
It is estimated that nearly 8.0 million Bangladeshis are working in the Middle East alone. But the fact remains that those who are sending hard earned foreign currency to the country get little return after spending a fabulous amount of money for going there.
In fact, Bangladeshi migrants working in the multibillion dollar construction industry in Arabian Gulf countries are shouldering the costs of their own recruitment fees. A study suggests that the companies and their clients are reaping the benefits from inexpensive labour.