Expats boost Bangladesh economy

(Sept.08,2009): The amount of money sent home by Bangladeshis living abroad has reached a new record high, according to the Central Bank of Bangladesh. In August, the total sum of money sent home reached a historic peak of 937million dollars - up 30% from a year ago. The boost to the Bangladeshi economy comes despite the global recession hitting overseas jobs. Remittances are the country's second-highest revenue earner after exports.
There are an estimated 6.5 million Bangladeshis living and working abroad, mainly in the Middle East, Europe and the United States. Millions at home are dependent on money sent by their expatriate relatives - money that has been credited for the decline in poverty in the country. "This is the highest monthly remittance we have received in our history," said Ziaul Hasan Siddiqui, deputy governor of the Central Bank. However, the upward trend may not continue for long, as overseas employment has fallen in past months due to declining demand. The flow of migrant workers returning home has also increased.
The government of Bangladesh has identified seven new countries - including Lebanon, Sudan, Romania and Greece - to send workers to. The state will seek to open diplomatic missions in those countries, to look for job opportunities.