Migrant workers crowd exchange houses in Malaysia to send remittance home

As remittance inflow to Bangladesh increased after the fall of former prime minister Sheikh Hasina, huge crowds of migrant workers were seen busy sending their hard-earned money home at the money exchanges in Malaysia's capital Kuala Lumpur today (12 August).

During the first six days before and after Sheikh Hasina's exit, only $95.65 million came to Bangladesh as remittance. The amount has shot up to $387.12 million in just three days from 7 August to 10 August.

A total of $482.77 million has entered Bangladesh as remittance in the first 10 days of August, according to a recent report by the Bangladesh Bank.

Officials related to the sector said the remittance inflow decreased last month as migrant workers declared a remittance shutdown following quota reform protests and subsequent crackdown on the students by the Hasina government.

"The remittance inflow has increased due to the worker's newfound trust on the interim government," experts said.

The remittance that came in July was the lowest in the last 10 months. Although $2.5 billion came to the country in June, the amount fell to $1.91 billion in July, BB reports.

"Although the foreign exchange houses received less remittance on Sunday, the amount has increased on Monday. The dollar crisis will subside if the migrant workers continue sending remittance in the legal way," said the head of the Treasury division of a bank.  

According to the head of the Treasury division of an Islamic bank, a good amount of remittance came from countries like the United Arab Emirates, Malaysia, Singapore and the United Kingdom today.  

"Remittance inflow through hundi has totally stopped since the removal of Sheikh Hasina. Money laundering, over invoicing and under invoicing are also absent. I hope remittance inflow through hundi will remain minimal during the interim government's rule," said the official.