Photo: Courtesy
Metropolis Report-
Terming the present 6.00 per cent remittance-to-GDP ratio lower compared to the neighbouring countries, Bangladesh can increase the remittance-to-GDP ratio to 9.00 per cent and reach $ 40 billion–dollar mark through taking some measures in the greater interest of expatriate Bangladeshis.
Bangladesh Ambassador to Portugal Tarik Ahsan expressed this view at an exchange of views with the members of the Bangladeshi expatriate community in Lisbon on ways to increase remittance from Portugal to Bangladesh.
Bangladesh Embassy arranged a session of exchange of views with the members of the Bangladeshi expatriate community in Lisbon on ways to increase remittance from Portugal to Bangladesh.
Tarik Ahsan in his speech commended the Bangladeshi expatriates for sending to their dear ones in Bangladesh their hard-earned money that also helps development of the nation. He acknowledged their contribution to the economy of Bangladesh, particularly in maintaining external balance of payment.
He called upon the Bangladesh’s expatriate community to come forward to make Bangladesh a top remittance receiving country in the world and make Portugal a significant remittance sending country to Bangladesh.
Ambassador Tarik mentioned that Bangladesh was currently the seventh largest remittance receiving country in the world. He said that, although Bangladesh received 24.78 billion USD in the financial year 2020-21, it was reduced to 21.03 billion USD in the last financial year 2021-22. He further indicated that, in the current financial year, remittance flow declined in September and October, but picked up again in November.
Ambassador regretted that sending remittance through non-banking channels helps money laundering from Bangladesh to foreign countries. He also remarked that transaction through illegal channels may give a better rate, but ultimately it does not benefit the recipients much. He argued that such illegal transactions lead to shortage of hard currency and consequent devaluation of Bangladeshi Taka, which leads to increase of cost of living in the country.
He said that Bangladesh government has taken many steps to encourage remittance through banking channels. If necessary, more measures would be taken. However, he also stressed the need of consciousness of the expatriates to accept a little sacrifice in terms of lower rates of exchange for the greater interest of the nation. He said that the proposals received from the earlier speakers had been duly noted for sincere efforts for resolution by the Embassy and assured that those beyond the scope of the Embassy would be forwarded to the appropriate authorities in Bangladesh.
The Ambassador said that aftermath of covid19 pandemic, Ukraine War and sanctions have caused a crisis of price rise of food, energy and raw materials worldwide. Bangladesh is not aloof from this global crisis. He expressed the resolve that resilient people of Bangladesh including the expatriates, under the far-sighted leadership of Hon’ble Prime Minister Sheikh Hasina, will overcome the challenges and make Bangladesh come out stronger.
Ambassador declared that the Embassy of Bangladesh in Lisbon would like to honour the remittance senders of Portugal through a programme of conferring accolades on some remittance senders selected on the basis of some criteria.
The speakers, at the same time, stressed the need of recognizing the contribution of the expatriates to the economy of Bangladesh. They also demanded removal of harassment and constraints that the expatriates face at the airports of Bangladesh and asked for more funding for expatriate’s dead body repatriation and financial assistance for needy expatriates & their families on their return to Bangladesh.
Remarking that expatriates contribute to building of foreign currency reserve in Bangladesh, some speakers called on the Bangladesh government to keep an eye on the reserve lest it be leaked or wasted.
As regards increasing remittance to Bangladesh, some speakers urged the expatriate Bangladeshi businessmen to recruit more Bangladeshi workers in their businesses. They also felt the need of formation of a Bangladeshi business association in Portugal. If formed, the association could play a critical role in pursuing their interests with the Portuguese authorities, they remarked. Some speakers also indicated that a ceiling set by the Portuguese government on the amount of remittance in a given period of time is hindrance to remittance of bigger amount through banking channel. They requested the Embassy to take up this matter with the Portuguese government to relax this ceiling.
