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.
Economy
Remittances Top $2bn in First 28 Days of September
Expatriate Bangladeshis sent approximately US$ 2.11 billion in remittances during the first 28 days of September in the fiscal year 2024-25, according to data released by Bangladesh Bank on 29 September.
Of this total, state-owned and specialised banks handled $679.10 million, while private banks received $1.43 billion in remittances.
Economy
Yunus Pledges Swift Reforms and Election in Bangladesh’s Interim Govt
Chief Adviser to Bangladesh’s interim government, Professor Muhammad Yunus, has vowed to expedite reforms and hold elections swiftly. Yunus, who recently assumed the role after the collapse of Prime Minister Sheikh Hasina’s 15-year administration, expressed his commitment during an interview with Tokyo-based news outlet NHK WORLD in New York on Sunday. He was attending the United Nations General Assembly at the time.
Following mass student-led protests that ended Hasina’s long-standing rule in August, Yunus stepped in as the leader of the caretaker government. Known for founding Grameen Bank, an institution providing microloans to the underprivileged, Yunus, along with the bank, earned the Nobel Peace Prize in 2006 for his efforts in poverty alleviation.
During the interview, Yunus emphasized that the interim government’s primary mission is to implement reforms promptly and ensure elections are held as soon as the groundwork is complete. He underscored the importance of success, stating, “Failure is not something that we can accept.”
Addressing the pivotal role of students in the ousting of the Hasina administration, Yunus acknowledged the sacrifices made by young people, referring to their involvement as part of a “revolution.” He highlighted his intention to engage the younger generation in shaping policy.
Furthermore, Yunus called for continued support from Japan, Bangladesh’s largest donor, during this crucial transition period. He stressed that Japan’s assistance is vital to stabilizing Bangladesh’s economy and fostering a democratic foundation in the nation.
Economy
Polythene Bags to Be Phased Out, Says Environment Adviser Rizwana Hasan
Syeda Rizwana Hasan, the Adviser for Environment, Forests, and Climate Change, announced today that steps will be taken to restrict the use of polythene shopping bags to safeguard future generations.
Starting from October 1, polythene bags will be banned in shopping malls, followed by a ban in kitchen markets from November 1.
“Everyone must take responsibility and stop using polythene voluntarily. Action against polythene producers will begin from November 1,” Rizwana Hasan stated during a seminar.
The Department of Environment (DoE) organized the seminar to raise public awareness about alternatives to banned polythene bags.
Rizwana Hasan highlighted that the restriction on polythene will be executed in phases according to legal provisions, and discussions with shopping centers and store owners are ongoing to ensure a smooth transition.
She also announced plans to make the government secretariat a plastic-free zone by December.
Other speakers at the seminar included Environment Secretary Dr. Farhina Ahmed, DoE Director General Dr. Abdul Hamid, Director Rajinara Begum, President of the Shop Owners Association Muhammad Helal Uddin, and Md. Arifur Rahman Bhuiyan, Assistant Professor of Environmental Science at BUP. They discussed the harmful effects of polythene and the need for alternative products.
Earlier, Rizwana Hasan inaugurated a fair showcasing eco-friendly alternatives to polythene bags and visited 24 stalls. The fair featured products from government and private entrepreneurs, including reusable bags, jute bags, paper bags, and items made from bamboo and cane.