How Is Bangladesh Struggling To Keep the Trend Of Remittance Going Upward During Current Pandemic Situation?

Bangladeshi expatriates send money to Bangladesh is increased during covid-19 lockdown due to restrictions to stay-at-home. As compared to the same time last year, Bangladesh’s remittance inflow increased by 50% in March. The high inflow pattern began at the start of the current fiscal year (FY2020-21) but eventually slowed before the recent spike. The public’s confidence in the process has resurfaced. Remittance is now a hassle-free and harassment-free operation, and funds are delivered on time to recipients. As a result, the inflow is growing and will continue to grow in the future.

In March 2019, Bangladesh received £1.05 billion in remittances, and in March 2020, £0.91 billion. Money transfers to Bangladesh is £1.38 billion as remittances in March, according to central bank sources, with the very first nine months of the fiscal year (£13.40 billion) exceeding the total inflow (£11.12 billion) of the previous fiscal year. The country’s foreign exchange reserve, on the other hand, surpassed $44.12 billion as of March 1, as per the central bank.

What Are The Investment Opportunities For Diaspora In Home Country?

Bangladesh has plenty to offer potential investors, according to both professionals and business owners, with a rising middle class and a plethora of investment opportunities. According to survey results, there is a difference between demand and practice: while only 7% of Bangladesh diaspora members claim they currently own a business in Bangladesh, nearly half of those involved in investing say they would be interested in starting a business in Bangladesh (47 percent ).

However, when asked about their preferences for potential savings and investment, many diaspora members who send money to Bangladesh online each month state they are unsure. For example, nearly one-third of respondents (29%) say they are uncertain whether to invest or save in Bangladesh. Almost the same number (29%) say they are unsure what sectors they would be interested in investing in. These research findings were backed up by focus group discussions with business owners and professionals, indicating that the Bangladesh diaspora has a real chance to increase awareness of future investment opportunities.

How Can Expatriates Turn Wealth Into Health In-Home Country?

In principle, the Sylhet division in northeast Bangladesh, which is home to about 95 percent of all British-Bengalis, should be the richest and wealthiest region of the world. Every year, for expatriate Bengalis in the United Kingdom, online money transfer to Bangladesh is nearly $1 billion.

In Sylhet, however, wealth has not translated into good health. According to the Bangladesh Bureau of Statistics, Sylhet has lower literacy and school enrollment rates than the rest of the nation, child malnutrition rates are well above the WHO emergency level of 15%, fertility rates are the highest in the country, and expectant mothers are more likely to die during childbirth in Sylhet than anywhere else.