TDS Desk:

Bangladesh was the third highest recipient of remittance in South Asia in 2023, after India and Pakistan, said Bangladesh Bank referring to the World Bank data.

The Bangladesh Bank on Wednesday revealed a report titled “A Quarterly Report on Remittance Inflows in Bangladesh: April-June of FY24”, in which it presented the information.

“According to the report of the World Bank titled ‘Migration and Development Brief 40’, global remittance flows are estimated at US$857 billion in 2023. The South Asia region was once again the leading remittance recipient,” it said.

India retained its position as South Asia’s top recipient of remittances with its diaspora sending $119.5 billion back home in 2023, which 13.94% of total global remittance inflow, the report mentioned.

Pakistan, the second-highest recipient received $26.6 billion and Bangladesh, the third highest recipient, received $22.2 billion during the year.

The inward remittances to South Asia’s other countries are: Nepal $10.9 billion, followed by Sri Lanka $6 billion, Afghanistan $0.3 billion and Bhutan $0.1 billion respectively.

In the report, Bangladesh Bank said, “Given some initiatives of Bangladesh Bank in collaboration with the government to encourage remittance in the banking channel, total remittance inflow witnessed a strong recovery in FY2024 with a significant growth of 10.65% compared to 2.75% during FY2023.”

With a robust growth of 22.64% during the final quarter of the last fiscal year, April-June of FY24, remittance inflows jumped to $6.84 billion buoyed by increasing exchange rate and sending more money home by expatriates on the occasion of two Eid festivals compared to the same quarter a year ago, the report said.

According to Bureau of Manpower, Employment and Training (BMET) data, there were some co-movements between surging the remittance inflows along with increasing the total number of expatriate workers during April-June of FY24.

“Though, being the largest overseas labour market for Bangladeshi workers, remittances from Saudi Arabia experienced a declining trend during the last couple of quarters.”

“On the other hand, with a small number of migrant workers, the UAE registered outstanding inflows during the period might be attributed to participation of the skilled labour force,” it said.

The highest amount of remittances received from the UAE, amounting to $1.33 billion, followed by $1.01 billion from the USA, $774.22 million from Saudi Arabia and $649.11 million from the United Kingdom during the quarter, the report said.

According to the BMET data, a total of over 2.72 lakh workers went abroad in April-June of FY24.

During the period, the country-wise data on migration showed that a large number of Bangladeshi workers migrated to the Saudi Arabia which was about 1.19 lakh, 43.57% of the country’s total migration, followed by Malaysia 24.19%, Qatar 9.17%, Singapore 5.80%, the UAE 3.93%.

A total of 11,970 Bangladeshi female workers migrated abroad during April-June of FY24 which was 4.40% of total migration, the report added.