• Thursday, Oct 06, 2022
  • Last Update : 09:54 am

ED: The earnings come home

  • Published at 03:27 pm October 31st, 2020
foreign currency
Representational image Bigstock

No doubt, the government’s issuance of a 2% cash incentive has been smart policy, and should be recognized

It is encouraging to hear that our foreign exchange reserves have hit a record high of $41.03 billion. The Covid-19 pandemic has hit economies around the world hard, but as a results of decreased imports, our reserves have been growing. Amid plenty of loss and suffering, the health of our forex reserves can be seen as a silver lining.

The driving factor to pay attention to, here, though is our increased remittance inflow. Remittance earnings have always been the backbone of the Bangladesh economy, along with our RMG industry, but this has been particularly true during Covid-19. Remittance inflow increased by a staggering 48.5% in the July-September period of the current fiscal year as compared to last fiscal. No doubt, the government’s issuance of a 2% cash incentive has been smart policy, and should be recognized as such.

According to the World Bank, Bangladesh is the 8th highest remittance receiving country in the world right now. We should not get complacent though, there may be some stiff competition from our neighbouring nations.

Bangladesh should keep its eyes on the ball. With the right policies, we may very well be poised to overtake other South Asians nations in terms of various other economic indicators as well.

But since remittance earnings have always been one of our core strengths, we must make sure to take care of those who make it possible. Our migrant workers go abroad in the face of great uncertainty to earn foreign currency, but rarely do they get the credit they deserve. Let us strengthen our remittance earnings further by working on various diplomatic channels, and making our sizable population of migrant workers happier, and hence, more productive.

62
Facebook 62
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail