Impact of Foreign remittance in Bangladesh: A Study on Mutual Trust Bank Limited
Journal Title: Scholars Journal of Economics, Business and Management - Year 2015, Vol 2, Issue 5
Abstract
Abstract: Bangladesh is the 7th most remittance-earning country in world: According to World Bank (WB), Bangladesh has retained its seventh position among top most 10 remittance-earning countries in the world. As per WB’s Migration and Development Brief 2013 released on October 2, the top recipients of officially recorded remittances for 2013 are India (with an estimated USD71 billion), China (USD60 billion), the Philippines (USD26 billion), Mexico(USD22 billion), Nigeria (USD21 billion), and Egypt (USD20 billion).Other large recipients are Bangladesh, Pakistan, Vietnam and Ukraine. Remittances to the developing world are expected to grow by 6.3 percent this year to USD414 billion and are projected to cross the half-trillion mark by 2016, according to revised estimates and forecasts issued by the World Bank. India and China alone will represent nearly a third of total remittances to the developing world 2013. Remittance volumes to developing countries, as a whole, are projected to continue growing strongly over the medium term, averaging an annual growth rate of 9 percent to reach USD540 billion in 2016. Global remittances, including those to high-income countries, are estimated to touch USD550 billion this year, and reach a record USD707 billion by 2016, says the Bank’s Migration and Development Brief. The estimates reflect recent changes to The World Bank Group’s country classifications, with several large remittance recipient countries, such as Russia, Latvia, Lithuania and Uruguay no longer considered developing countries. In addition, the data on remittances also reflects the International Monetary Fund’s changes to the definition of remittances that now exclude some capital transfers, affecting numbers for a few large developing countries like Brazil. For Bangladesh remittances provide vital protection against poverty. In terms of volume, India, with USD71 billion of remittances, tops the global chart. To put this in perspective, this is just short of three times the FDI it received in 2012. The research will help us to predict the average economic effects of remittances in Bangladesh, the impact of migrants in different regions and gradually the study has investigated the overall impacts of exchange rate movements and socio-economic variable specially the impact of festivals time on inward remittance of Bangladesh. This paper is intended to examine the dual phenomena of workers' migration and effects of economic factors on remittances in Bangladesh. Keywords: Inflow of Remittance, Migrants, Country of Residence, Socio Economic Factors, Festivals, Timings of the Year.
Authors and Affiliations
Naheem Mahtab
Keywords
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