Fourfold Surge in Migrant Workers to KSA

Expatriates sent nearly $1.53 billion in remittances to Bangladesh in the first 19 days of October FY 2024-25, averaging $80.70 million daily. This amount is slightly above the $1.47 billion remitted during the same period in September, with expectations that the inflow may maintain momentum throughout the month

In the first eight days of October, Bangladesh received $790 million in remittances, up 75.17% from $450 million during the same period last year. September also saw an 80% increase in remittances, contributing to a rise in foreign exchange reserves to nearly $19.83 billion, up from $19.38 billion a month earlier.

Bangladesh received $4.63 billion in remittances during August and September, marking a 58% increase compared to the previous year. This surge comes as the country faces a foreign currency crisis, crucial for paying essential import bills. Experts attribute the growth to two main factors: a reduction in under-invoicing of import bills and a slowdown in money laundering through informal channels like hundi. Following recent political changes, demand for hundi dollars has dropped, redirecting funds through official channels.

Italy has promised to clear 20,000 pending visa applications for Bangladeshi nationals by December, Foreign Adviser Md. Touhid Hossain said. After discussions with the Italian ambassador, it was agreed that Italy will speed up the process by increasing staff at its Dhaka embassy.

At a recent workshop, Lamiya Morshed, principal coordinator for SDG Affairs, emphasized that Dr. Muhammad Yunus' "Three Zeros" vision—zero poverty, zero unemployment, and zero net carbon emissions—can significantly drive progress towards the Sustainable Development Goals (SDGs). Organized by the Economic Relations Division (ERD), the event focused on assessing progress on SDG 17, which highlights global partnerships for sustainable development, and preparing for Bangladesh's Voluntary National Review (VNR) in 2025.

Following the political shift, remittances have increased significantly in Bangladesh, with a 16.27% rise in exports despite labor unrest in the garment sector. The flow of remittances surged to $425 million in the first five days of October, up from $325 million during the same period last year. In September alone, remittances exceeded $2.4 billion, representing an 80.22% increase from the previous year. The total remittance growth for the first quarter of the fiscal year reached 33.33%.