When sending money to the banking channel, 78 rupees are available against the dollar. On the other hand, sending Hundi more than 85 taka. That is, due to black trading in the currency market, the flow of remittance is decreasing. This analysis is about economists. Although the hundi is illegal, the expatriates are sending money through this due to getting more money. Most of what comes through mobile banking is in the hundi system.
Hundi is unofficial and unofficial money transfer / transfer arrangements prohibited by the laws of the country. It is also known as exchange bill. Commercial transactions and loans were used for transmitting. Is still But it is illegal and illegal. Hundi is a written and conditional document used in connection with trading transactions or debt related transactions, through which the money is directed from one person to the other. This system became known during Mughal era, but gained popularity during British rule. The exiles are still using this cover. The government of the concerned country is deprived of revenue due to not following the current banking system. So the hundi system has been declared as illegal.
It is learned that taking various types of initiatives has reduced the amount of money transactions in hundi or illegal route. Bangladesh Bank forced banks to send low cost This resulted in increased expatriate income through the bank. But due to the illicit use of mobile banking, the hundi system that has returned to its full potential now again. Bankers have given the name 'Digital Hundi'. Since the government does not have to pay revenue, the money sent against the dollar sent by Hu is more available. To reduce remittance flows, the decline in expatriates' income and the value of currency versus the dollar is also being blamed. However, economists believe that the reduction in the price of fuel oil in the international market is one of the reasons. Some have blamed the recent economic crisis of Saudi Arabia and Middle East countries to reduce remittances.
The concerned people are saying that the dollar price rise in different countries is very responsible for the reduction of remittance. Recently the British pound, the price of euros has decreased against the dollar. Even the Malaysian Ringgit and Singapore Dollar also decreased. As a result, the income of the workers of these countries has decreased. More than half of the country's remittance comes from six Middle East countries - Saudi Arabia, United Arab Emirates, Qatar, Oman, Kuwait and Bahrain. However, in these countries, complexity has occurred in recent times. The biggest labor market in Bangladesh, Saudi Arabia's economy has become fragile in the Middle East.
In this context, former governor of Bangladesh Bank said. Saleh Uddin Ahmed told Azad, "The quality of the money against the dollar is going to be negative because of the impact of the remittance flow. Referring to another reason for the reduction in oil prices in the world market, she said, reducing the cost of fuel oil reduced the wages and wages of the expatriates in the Middle East countries. He also said that the cost of sending money from abroad through the bank is a little higher. Besides, the cost to send less money is also to pay the same cost to send more money. So many people are choosing Hundi's way to avoid excess costs. The government and the central bank should be cautious about the dollar exchange rate that is in favor of expatriates. Besides, the process of sending money to the banking channel is easier and cost reduction is needed.
Meanwhile, the statistics say that expatriates' income from abroad has been reduced to the lowest level in last eight years. Although the increase in the consistently from FY 2009-10, it has decreased alarmingly at current fiscal year 2016-17. According to the Bangladesh Bank, the amount of remittance for expatriates in the last fiscal year 2009-10 was 10, 987.44 million dollars. Since then, the income has increased gradually every year. But in the year 2016-17, the expatriate income suddenly decreased to 10 thousand 287.23 million dollars. Which is the lowest in the last eight years. As a result, the income decreased from the previous fiscal year to 4 thousand 652.92 million dollars.
Central Bank spokesman Shubankar Saha said, "The recent decline in the price of pounds, euro and real money against the rupee." For this reason expatriates are getting less money by sending remittance. They are now holding the money themselves, when the price of the dollar increases, then it will send. He also said that recently the tendency of Hundi has increased. Most of the remittances coming in non-banking channels, especially the hundi. The misuse of mobile banking is being done by Hundi. In this case, the process of sending the money to the banking channel is easier and the Bangladesh Bank has tried to reduce the cost, said Shuvinkar Saha. Foreign currency reserve crisis may be created if this trend continues to decline. So, as soon as possible, the reason for the removal of expatriate income should be identified and resolved by the concerned people. In the review report of the remittance, Bangladesh Bank also said that many people are being encouraged in illegal Hyundai because of official channel harassment and foreign currency exchange rates are low.
And the increase of the hundi has reduced remittance. Recently, the Bangladesh Bank held a series of meetings with the commercial banks. A representative team of Central Bank recently visited Singapore and Malaysia to understand the situation. Finance Minister Abul Maal Abdul Muhith has said that Bangladesh is one of the world's leading expatriates in the country. A survey of BBS revealed that in 2015, the Bangladeshi immigrant families received an income of three lakh two thousand taka. It is also seen in the survey that about 25 percent of exemption income is invested in different sectors. Expatriates are especially benefited by investing in the country's construction sector. Moreover, GDP growth plays an important role in the expansion of expenditure income. Muhith said that keeping in mind this important role of exile income for the development of the country's economy, we have taken a number of steps for its growth.
Out of these, it is significant to reduce the expenditure of expatriation expense, to make overseas bank branches and exchange houses capable of sending remittance, encouraging the expatriates in the countries which are working in the country, and encouraging the drawing of banks / financial institutions of this country and sending remittance through Expatriate Welfare Bank. The Finance Minister said, hoping that international organizations will start world-wide revival in 2017 and revise two percent growth. I firmly believe that our initiatives and the upward trend of global economic growth will play a positive role in our exodus income stream.
I found your post and decided to help you get noticed.
I will pay a resteeming service to resteem your post,
and I'll give you my stamp of automatic approval!
Curious?
introduction post
Check out the great posts I already resteemed.Resteemed by @resteembot! Good Luck! The resteem was payed by @greetbot The @resteembot's Get more from @resteembot with the #resteembotsentme initiative