Economy
Migrant Workers Boost Remittance After Hasina’s Fall
Following the departure of former Prime Minister Sheikh Hasina, remittance inflow to Bangladesh has surged, with large crowds of migrant workers seen actively sending their hard-earned money home at money exchanges in Kuala Lumpur, Malaysia’s capital, on 12 August.
During the six days before and after Sheikh Hasina’s exit, remittances to Bangladesh totaled only $95.65 million. However, from 7 August to 10 August, the figure skyrocketed to $387.12 million. In the first 10 days of August alone, a total of $482.77 million in remittance has entered the country, according to a recent report by Bangladesh Bank.
Sector officials explained that the decline in remittance last month was due to a remittance shutdown declared by migrant workers in response to the quota reform protests and the subsequent crackdown by the Hasina government.
Experts attribute the recent increase in remittance inflow to the workers’ renewed confidence in the interim government.
In July, remittance inflow hit its lowest point in 10 months. While $2.5 billion was sent to Bangladesh in June, the figure dropped to $1.91 billion in July, as per the Bangladesh Bank’s reports.
“The foreign exchange houses received less remittance on Sunday, but the amount significantly increased on Monday. If migrant workers continue to send remittance through legal channels, the ongoing dollar crisis will ease,” stated the head of the Treasury division of a bank.
According to the head of the Treasury division of an Islamic bank, a substantial amount of remittance arrived today from countries such as the United Arab Emirates, Malaysia, Singapore, and the United Kingdom.
“Since Sheikh Hasina’s removal, remittance inflow through informal channels like hundi has completely stopped. Additionally, practices like money laundering, over-invoicing, and under-invoicing have also ceased. I expect remittance inflow through hundi to remain minimal during the interim government’s tenure,” said the official.
A US delegation, visiting Bangladesh today (15 September), met with Chief Adviser Professor Muhammad Yunus at the State Guesthouse Jamuna, engaging in discussions on a range of mutual interests. According to the US Embassy in Dhaka, the meeting underscored the United States’ commitment to fostering inclusive economic growth, institution building, and development to benefit the people of Bangladesh.
“As Bangladesh strives for a more equitable and inclusive future, the US stands ready to support these efforts,” the Embassy noted after the event.
The US delegation included Donald Lu, US Assistant Secretary of State for the Bureau of South and Central Asian Affairs, who arrived in Dhaka following his India tour. He participated in this morning’s meeting alongside other key US and Bangladeshi officials.
Bangladesh’s interim government expressed optimism about holding “multi-dimensional” discussions with the visiting delegation.
Brent Neiman, Assistant Secretary for International Finance at the US Department of the Treasury, was part of the interagency delegation engaged in discussions with the Bangladeshi interim government. Lutfey Siddiqui, the Chief Adviser’s Special Envoy on International Affairs, also joined the meeting.
The US delegation later met with Foreign Affairs Adviser Md Touhid Hossain at the state guesthouse Padma.
Assistant United States Trade Representative Brandon Lynch, also part of the multi-agency US team, held talks focused on bilateral relations between the two nations.
Foreign Secretary Md Jashim Uddin hosted a working lunch at the Padma State Guesthouse, where discussions delved into how the United States can contribute to Bangladesh’s economic growth, financial stability, and development needs.
This delegation marks the first US visit to Bangladesh since the formation of the interim government led by Chief Adviser Professor Yunus on August 8. Foreign Secretary Md Jashim Uddin emphasized that the arrival of this delegation highlights the significance the United States places on its relationship with Bangladesh, with discussions expected to cover a wide array of topics, not just economic cooperation.
A visiting high-level delegation from the United States reaffirmed its commitment today (15 September) to aid Bangladesh in expanding economic opportunities, strengthening institutional capacity, and upholding human rights, according to a statement from the US Embassy.
“We are committed to helping expand economic opportunities, build institutional capacity, uphold human rights, and mitigate climate risks with our partner, Bangladesh,” the embassy announced on its official Facebook page, following a meeting between Foreign Adviser Md Touhid Hossain and the delegation at the state guest house Padma in Dhaka.
The US delegation, led by Brent Neiman, Assistant Secretary for International Finance at the US Department of Treasury, also included Donald Lu, US Assistant Secretary for South and Central Asia, and other senior officials.
The embassy further expressed its enthusiasm, stating, “Great to meet the Foreign Affairs Advisor at Padma House.”
The delegation is set to meet with Chief Adviser Prof Muhammad Yunus and attend a working lunch hosted by the foreign secretary at the state guest house Padma.
Earlier, a US State Department spokesperson noted that the discussions would center on how the US can contribute to Bangladesh’s economic growth, financial stability, and development priorities.
In a meeting held on Saturday (14 September), garment factory owners across the country unanimously agreed to resume operations starting today. However, it was also decided that individual factories may be closed according to legal procedures, in order to protect the industry and national interests, while safeguarding workers’ employment. This measure would apply particularly if workers refuse to work, leave the premises, or attempt to instigate disturbances.
The decision came during a discussion on the current crisis facing the ready-made garment (RMG) industry, held at the BGMEA complex in Uttara, Dhaka. The meeting, chaired by BGMEA president Khandaker Rafiqul Islam, was attended by key government advisers and leaders from BGMEA, BKMEA, and labor unions.
Expressing serious concern about the ongoing labor unrest, participants warned that the instability could jeopardize the vital export-oriented garment sector. The advisers urged factory owners to continue operations and assured them of government support, including enhanced security measures, should unrest arise.
