Expats keen to remit thru banking channel

Bangladeshi expatriates are now upbeat about sending remittance back home through the formal channel as they rest reassured that the country is on track after the formation of an interim government.

Migrants abroad raised voices against the Sheikh Hasina government's oppression of people during the unrest created over the student movement.

In solidarity with the movement, they started posting comments on popular social network Facebook about not sending remittances to Bangladesh until the resignation of her government.

Mohammad Farhad Hossain works at a cellphone shop in Kuwait. Like many Bangladeshi expatriates, he also decided not to forward remittance home.

Now, as Hasina quits as premier, the expats are feeling relieved, he says.

"I always remit through legal channels but I was thinking of not sending money to the country in protest against the previous government's oppression of the masses," adds Mr Farhad.

Expatriates love the country, so they want to send money through legal channels. "We feel better now. Hopefully, this government can set an example of good work for all people."

In the first 10 days of this August, according to the central bank data, expatriates remitted $48.2 million home daily, while they sent $62 million on average daily in July.

In August 2023, the daily outflow of remittance was $53.3 million.

However, as the Hasina regime is over, remittance picked up. As of August 03, it reached $95.65 million.

Expatriates sent several times more remittance during August 04-10 than that in three days until August 03. They sent $387million during the period.

Ahmadul Kabir, an expatriate journalist living in Malaysia, said Bangladeshis there like their compatriots in other countries took a stand against sending remittances back home through the formal channel.

After the fall of the autocratic government, the number of expatriates has increased in exchange houses to send money to Bangladesh, he told the FE.

Quoting sources of various exchange houses in Malaysia, Mr Kabir said the migrants sent an estimated $130 million from August 06 to August 12 through banking channels from Malaysia.

Expatriates announced remittance shutdown in the last week of July expressing solidarity with the Anti-discrimination Student Movement. As a result, remittance earnings declined that month.

According to the Bangladesh Bank report, the expatriates sent about $1.91 billion in July. However, it was $2.5 billion in June.

Selim RF Hussain, managing director and chief executive officer of BRAC Bank PLC, says remittance inflows are increasing gradually. "I think the trend of inward remittance will return to normal in the next seven to eight days."

More than 14 million Bangladeshis have gone abroad with jobs since 1976. Bangladesh mainly sends workers to 18 countries, Gulf nations included.

Expatriates send home $21-$22 billion in remittance on average through the banking channel each year.

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