Remittances to Bangladesh
Remittances to Bangladesh are money transfers (
History
In 1974, Wage Earners' Scheme was initiated in order to help the non-resident Bangladeshis remit their earnings home through legal channels. The scheme soon became popular among the Bangladeshi community working abroad. Around $11.8 million was remitted to Bangladesh in the fiscal year of 1974–75. The amount rose to over $350 million in the fiscal year of 1980-81 and to over $750 million in the fiscal year of 1990–91. Saudi Arabia is the largest source of foreign remittance to Bangladesh. [1] Saudi Arabia, US, UAE, Qatar, Oman, Bahrain, Kuwait, Libya, Iraq, Singapore, Malaysia, and the UK are also major sources of foreign remittance.[5]
The Bangladesh Bank annually names top 10 diaspora Bangladeshis who have made the highest remittances and in recognition of their contribution to the economy through remittance. One of these has been Mahtabur Rahman chairman of Al Haramain Hospital and managing director of Al Haramain Perfumes who has been listed in 2013, 2014[6] and 2015.
Remittances to Bangladesh by fiscal year and country
Year | Saudi Arabia | UAE | Qatar | Oman | Kuwait | USA | UK | Malaysia | Singapore | Italy | Others | Total (in million USD) |
---|---|---|---|---|---|---|---|---|---|---|---|---|
2019-20 | 4015.16 | 2472.56 | 1019.60 | 1240.54 | 1372.24 | 2403.40 | 1364.89 | 1231.30 | 457.40 | 699.15 | 1928.77 | 18,205.01 |
2018-19 | 3110.40 | 2540.41 | 1023.91 | 1066.06 | 1463.35 | 1842.86 | 1175.63 | 1197.63 | 368.33 | 757.88 | 2241.47 | 16,419.60 |
2017-18[7] | 2591.58 | 2429.96 | 844.06 | 958.19 | 1199.7 | 1997.49 | 1106.01 | 1107.21 | 330.16 | 662.22 | 2417.34 | 14,981.69 |
2016-17 | 2267.22 | 2093.54 | 576.02 | 897.71 | 1033.31 | 1688.86 | 808.16 | 1103.62 | 300.99 | 510.78 | 1489.24 | 12,769.45 |
2015-16 | 2955.55 | 2711.74 | 435.61 | 909.65 | 1039.95 | 2424.32 | 863.28 | 1337.14 | 387.24 | 1798.94 | 14,931.16 | |
2014-15 | 3345.23 | 2823.77 | 310.15 | 915.26 | 1077.78 | 2380.19 | 84.46 | 135.28 | 35.5 | 4209.28 | 15,316.90 | |
2013-14 | 1477.81 | 1282.43 | 122.09 | 315.95 | 547 | 2323.32 | 812.34 | 489.46 | 197.27 | 780.19 | 6,772.75 | |
2012-13 | 3829.45 | 2829.4 | 286.89 | 640.11 | 186.93 | 1859.76 | 991.59 | 997.43 | 498.79 | 1370.78 | 14,461.10 | |
2011-12[8] | 3684.3 | 2404.78 | 335.33 | 400.93 | 1190.14 | 1498.46 | 987.46 | 847.49 | 31.46 | 1183.03 | 12,843.40 | |
2010-11 | 3290 | 2002.6 | 319.4 | 334.3 | 1075.8 | 1848.5 | 889.6 | 703.7 | 202.3 | 984.1 | 11,650.30 | |
2009-10 | 3427.05 | 1451.89 | 360.11 | 349.08 | 1019.18 | 1890.31 | 827.51 | 587.09 | 193.46 | 881.72 | 10,987.40 | |
2008-09 | 2859.09 | 1754.92 | 343.36 | 290.06 | 970.75 | 1575.22 | 789.65 | 282.2 | 165.13 | 658.88 | 9,689.26 | |
2007-08 | 2324.23 | 1135.14 | 289.79 | 220.64 | 863.73 | 1380.08 | 896.13 | 92.44 | 130.11 | 582.49 | 7,914.78 | |
2006-07 | 1734.7 | 804.84 | 233.17 | 196.47 | 680.7 | 930.33 | 886.9 | 11.84 | 80.24 | 419.28 | 5,978.47 | |
2005-06 | 1696.96 | 561.44 | 175.64 | 165.25 | 494.39 | 760.69 | 555.71 | 20.82 | 64.84 | 306.14 | 4,801.88 | |
2004-05 | 1510.46 | 442.24 | 136.41 | 131.32 | 406.8 | 557.31 | 375.77 | 25.51 | 47.69 | 214.78 | 3,848.29 |
Remittances to Bangladesh by fiscal year
Year | Remittances | Percent GDP |
---|---|---|
1990–1991 | US$763.91 M | |
1991–1992 | US$849.66 M | |
1992–1993 | US$944.57 M | |
1993–1994 | US$1,088.72 M | |
1994–1995 | US$1,197.63 M | |
1995–1996 | US$1,217.06 M | |
1996–1997 | US$1,475.42 M | |
1997–1998 | US$1,525.43 M | |
1998–1999 | US$1,705.74 M | |
1999–2000 | US$1,949.32 M | |
2000–2001 | US$1,882.10 M | |
2001–2002 | US$2,501.13 M | |
2002–2003 | US$3,061.97 M | |
2003–2004 | US$3,371.97 M | |
2004–2005 | US$3,848.29 M | |
2005–2006 | US$4,802.41 M | |
2006–2007 | US$5,998.47 M | |
2007–2008 | US$7,914.78 M | |
2008–2009 | US$9,689.26 M | |
2009–2010 | US$10,987.40 M | 10.11% |
2010–2011 | US$11,650.32 M | |
2011–2012 | US$12,843.43 M | |
2012–2013 | US$14,461.14 M | |
2013-2014 | US$14,228.26 M | |
2014-2015 | US$15,316.91 M | |
2015–2016 | US$14,931.18 M | |
2016–2017 | US$12,769.45 M | |
2017–2018 | US$14,981.69 M | |
2018–2019 | US$16,419.63 M | 5.73% |
2019–2020 | US$18,205.01 M | |
2020-2021 | US$20,215.56 M | |
2021-2022 | US$21,031.68 M | |
2022-2023 | US$ 21610.73 M | |
2023-2024* | US$ 8808.42 M |
Remittance sending system
Formal system
Remittance is sent formally through various ways such as demand draft, traveler's check, telegraphic transfer, postal order, direct transfer, Automatic Teller Machine. etc.[5]
System
Hundi or money carrier system is prevalent as informal process of remittance sending in most cases. The most popular reasons behind the preference towards Hundi system is the absence of any transaction charges, its fast delivery and the opportunity to maintain confidentiality.[5]
References
- ^ "Bangladesh 7th highest remittance recipient: World Bank". The Daily Star. 2022-05-13. Retrieved 2022-06-12.
- ^ "Bangladesh's remittance inflow hits record high in 2021". New Age. 2022-01-02. Retrieved 2022-06-12.
- ^ "Utilisation of Workers' Remittances in Bangladesh" (PDF). Bangladesh Bank. Research Department Bangladesh Bank. November 2017. Retrieved August 6, 2020.
- ^ "Overview". World Bank. Retrieved 2023-08-19.
- ^ a b c Bangladesh Economic Update: Remittance, 8 September 2011, Unnayan Onneshan, Dhaka, p. 9.
- ^ "From transit passenger to business tycoon". Khaleej Times. Retrieved 30 March 2017.
- ^ "Country-wise Inward Remittances". Bangladesh Bank. Retrieved 2019-09-27.
- ^ "2016 Statistical Yearbook" (PDF). Bangladesh Bureau of Statistics. May 2017. p. 110. Retrieved 2019-10-05.
- ^ "Yearly data of Wage earner's remittance". Bangladesh Bank. January 2024. Retrieved January 8, 2024.