Remittance may decline next year: RMMRU
Skip to main content
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
The Business Standard
TUESDAY, MAY 24, 2022
TUESDAY, MAY 24, 2022
  • Home
  • Economy
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Splash
  • Features
  • Videos
  • Long Read
  • Games
  • Epaper
  • More
    • COVID-19
    • Bangladesh
    • Infograph
    • Interviews
    • Offbeat
    • Thoughts
    • Podcast
    • Quiz
    • Tech
    • Subscribe
    • Archive
    • Trial By Trivia
    • Magazine
    • Supplement
  • বাংলা
Remittance may decline next year: RMMRU

Migration

TBS Report
29 December, 2020, 09:15 pm
Last modified: 29 December, 2020, 09:55 pm

Related News

  • Social Islami Bank launches ‘Remittance and Deposit Product Campaign’
  • Over 59 million internally displaced in 2021
  • Global efforts must be enhanced to save lives, reduce risks of migrants: Shahriar Alam
  • Banks must take customers’ approval to convert remittances into taka
  • Finance Minister urges expats to send remittance through legal channel 

Remittance may decline next year: RMMRU

As so many people could not go abroad this year, it could have a negative impact on next year's remittance flow

TBS Report
29 December, 2020, 09:15 pm
Last modified: 29 December, 2020, 09:55 pm
Remittance may decline next year: RMMRU

As the year-on-year migration rate has already declined by around 71% due to the Covid-19 pandemic, the increasing remittance stream may stumble in the year 2021, projects the Refugee and Migratory Movement Research Unit or RMMRU.

At a virtual press conference on "Pattern and Trends of Labour Migration 2020: Achievements and Challenges" on Tuesday, the non-governmental organisation specialising in migration issues cautiously noted that streaming remittance does not mean that migrant workers are doing well.

"As so many people could not go abroad this year, it could have a negative impact on next year's remittance flow," said RMMRU Founder Chairperson Tasneem Siddiqui.

She told the press conference that the migration rate was expected to increase by 3.52% this year if the year could end with the migration trend of March 2020.

More than 7 lakh newly recruited Bangladeshis went abroad last year, while only 1.81 lakh workers migrated in the first three months of this year, said the RMMRU chair.

According to a World Bank projection earlier, Bangladesh will witness a 25% less remittance income than that of 2019. Defying this grim forecast, the country has been enjoying resurgent flows of remittance in recent months.

According to the RMMRU report, Bangladeshis sent home $19.69 billion in remittances during the January to November period of the current calendar year.

"If the trend of remittance flow continues, remittances will increase by 17.05% as compared to last year. Thus, the prediction of the World Bank did not work for Bangladesh," said the RMMRU chair.

However, the RMMRU at the press conference detailed some reasons behind the rising trend in remittance.

According to the NGO, those who are likely to return home soon are sending their savings beforehand. Besides, Bangladeshi workers abroad have been sending more money to their families to counteract the virus fallout and natural calamities such as flooding.

The RMMRU also noted that many workers sent money for their families ahead of the last two Eids despite the fact that they were mired in trouble abroad. On top of this, government incentives for remitting money through legal channels helped increase the remittance inflow.

Referring to a joint study conducted by the Bangladesh Civil Society for Migrants (BCSM) and RMMRU last June, the press conference was told that the research found 61% of families –most of them with no alternative income sources -- were no longer receiving money from abroad.

In a recent report, entitled "Remittance resurgence a tonic but no cure for sickly emerging economies", Reuters too said the risk of mounting job losses as government support unwinds means burgeoning remittance flows to some countries, including Bangladesh, may falter in 2021.

However, Dr Tasneem Siddiqui stated that there will be a demand for odd job labourers once the Covid situation normalises. Besides, she said some new labour markets are opening up for Bangladesh, such as Romania, Croatia, Poland, China and Cambodia.

The RMMRU said 2,464 Bangladeshi workers migrated between 1 October and 19 November this year. Of them, 891 went to Oman, 813 to Saudi Arabia, 524 to Uzbekistan, 91 to Singapore, 60 to the United Arab Emirates and 24 to Albania.

In the last three months, the rate of Bangladeshi migrants returning home has almost quadrupled compared to the previous five months.

According to the RMMRU research, the returnees could not bring in an average of Tk1.75 lakh per person of their wages and other dues. Apart from government loans, the NGO emphasised the need for cash aid to the returnees.

Tasneem Siddiqui said, "At present the business climate is not conducive and not everyone has the skills to do business. So loans will not be of much help since many returnees have already been dealing with debts and have not been able to earn any income in the last seven to eight months."

The RMMRU report says the Covid-19 related death rate among Bangladeshi migrants abroad was high compared to people from other countries. According to the RMMRU, only 46% of those who were forcibly returned during the pandemic had undergone Covid tests. The rest returned without the virus test.

Illegal immigrants did not go for the tests, even though they developed symptoms, due to fears of being caught.

The RMMRU put forward a set of recommendations, including raising demands from multilateral forums for a formulation of policy guidelines for migrant workers by countries sending and receiving workers. The NGO said it is necessary to scrutinise why international instruments are not followed properly to protect the rights of migrant workers at home and in the destination countries.

Bangladesh / Top News

Refugee and Migratory Movement Research Unit (RMMRU) / remittance / migration

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Corporates go cashless…tax cut on cards
    Corporates go cashless…tax cut on cards
  • Rising revenue collection a false dawn, economists say
    Rising revenue collection a false dawn, economists say
  • Illustration: TBS
    Govt may reduce fine on VAT evasion

MOST VIEWED

  • 9 aspirant migrants threatened to be killed if families don’t pay ransom
    9 aspirant migrants threatened to be killed if families don’t pay ransom
  • A view of deserted roads during a lockdown due to the coronavirus disease (Covid-19) outbreak, in Kuala Lumpur, Malaysia June 1, 2021. REUTERS/Lim Huey Teng
    Demo continues against Malaysia labour market syndication 
  • Recruiters demand open manpower export through all legal agencies
    Recruiters demand open manpower export through all legal agencies
  • High migration cost eats up 13% of remittance income
    High migration cost eats up 13% of remittance income
  • High oil price, buoyant economic growth: Oman labour market to remain lucrative in 2022 
    High oil price, buoyant economic growth: Oman labour market to remain lucrative in 2022 
  • Photo: Collected
    Dhaka calls for more IOM role in helping climate migrants

Related News

  • Social Islami Bank launches ‘Remittance and Deposit Product Campaign’
  • Over 59 million internally displaced in 2021
  • Global efforts must be enhanced to save lives, reduce risks of migrants: Shahriar Alam
  • Banks must take customers’ approval to convert remittances into taka
  • Finance Minister urges expats to send remittance through legal channel 

Features

Musk is denying the sexual harassment allegation that surfaced this week. Photo: Bloomberg

Elon Musk’s crazily banal week 

18h | Panorama
Asus Zenbook 14 Flip OLED: A touch of brilliance to your life

Asus Zenbook 14 Flip OLED: A touch of brilliance to your life

21h | Brands
Keep your phone by your side with this armband

Keep your phone by your side with this armband

19h | Brands
Are Focallure gel masks worth the hype?

Are Focallure gel masks worth the hype?

20h | Brands

More Videos from TBS

Why are Duranta TV shows popular?

Why are Duranta TV shows popular?

13h | Videos
Donbas is hell, says Zelenskiy

Donbas is hell, says Zelenskiy

14h | Videos
Threat of Monkeypox on the horizon

Threat of Monkeypox on the horizon

15h | Videos
Mosque of Mughal period in Gazipur

Mosque of Mughal period in Gazipur

15h | Videos

Most Read

1
Tk100 for bike, Tk2,400 for bus to cross Padma Bridge
Bangladesh

Tk100 for bike, Tk2,400 for bus to cross Padma Bridge

2
A packet of US five-dollar bills is inspected at the Bureau of Engraving and Printing in Washington March 26, 2015. REUTERS/Gary Cameron
Banking

Dollar hits Tk100 mark in open market

3
Bangladesh at risk of losing ownership of Banglar Samriddhi
Bangladesh

Bangladesh at risk of losing ownership of Banglar Samriddhi

4
PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire
Crime

PK Halder: How a scamster rose from humble beginnings to a Tk11,000cr empire

5
BSEC launches probe against Abul Khayer Hero and allies
Stocks

BSEC launches probe against Abul Khayer Hero and allies

6
The reception is a volumetric box-shaped room that has two glass walls on both the front and back ends and the other two walls are adorned with interior plants, wood and aluminium screens. Photo: Noor-A-Alam
Habitat

The United House: Living and working inside nature

The Business Standard
Top
  • Home
  • Entertainment
  • Sports
  • About Us
  • Bangladesh
  • International
  • Privacy Policy
  • Comment Policy
  • Contact Us
  • Economy
  • Sitemap
  • RSS

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net

Copyright © 2022 THE BUSINESS STANDARD All rights reserved. Technical Partner: RSI Lab