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Remittances to Bangladesh are money transfers (remittances) sent by the Bangladeshi diaspora to Bangladesh. According to the World Bank , Bangladesh is the 7th highest recipient of remittances in the world [ 1 ] with almost $22.1 billion in 2021 and was the third highest recipient of remittances in South Asia . [ 2 ]
Country Remittances received (USD millions) Remittances as % of GDP Year India 129,100 [3]: 3.3 2024 Mexico 61,100 4.2 2022 Philippines 38,049 9.4 2022 France 33,928 1.2
A majority of the remittances have been directed to Asian countries like India (approx. US$87.0 billion in 2021), China (approx. US$ 60.0 billion in 2021), the Philippines (approx. US$33.5 billion in 2020), Pakistan (US$26.0 billion in 2020), Bangladesh (US$21.5 billion in 2020) and more. [18]
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers.
The census in 2000 found up to 95,300 were born in Bangladesh. It was until the 1990s when Bangladeshis, many from Dhaka, Chittagong, and Sylhet, started to move to the United States, and settled in urban areas such as New York , Paterson in New Jersey , Philadelphia , Atlantic City, New Jersey , Washington D.C. , and Los Angeles .
The Foreign Exchange Regulation Act, 1947 (known as FERA) is a law enacted and was officially published by the Government of Pakistan and still applicable in Bangladesh, which was East Pakistan before independence, to regulate certain payments, dealings in foreign exchange and securities, and the import and export of currency and bullion.
Employment abroad not only reduces the country's unemployment, but also the remittances sent by expatriates working abroad keep the wheels of the country's economy moving. On 20 December 2001, the Government of Bangladesh established a separate Ministry of Expatriate Welfare and Foreign Employment, giving increased importance to the field of ...
Citing World Bank estimates, an article in Quartz India noted that in 2013, Bangladesh was the fifth-highest source of remittances to India. That year, Indians working in Bangladesh sent more than $3.7 billion back to India. [2] [5] [6] An op-ed article in The Daily Star claims that this is the official figure.