Unit 4 - Bangladesh - Remittances, Financial Flow Flashcards

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1
Q

Where is Bangladesh?

A
  • South Asia

- border with India

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2
Q

Why is Bangladesh a good example for remittances, financial flow?

A
  • Bangladesh has a decent amount of population which migrated abroad for better living conditions, and to escape poverty - they send money back to their families in Bangladesh to give them financial support
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3
Q

How large is the sum of remittances to Bangladesh in 2015?

A
  • according to the World Bank, Bangladesh is now one of the largest recipients of remittance with $15 billion as of June 2015
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4
Q

What is the history of remittances to Bangladesh?

A
  • in 1974, Wage Earners’ Scheme was initiated in order to help non-resident Bangladeshis to remit their earnings home through legal channels
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5
Q

What are the destinations of remittances to Bangladesh?

A
  • the Kingdom of Saudi Arabia has been the largest source of foreign remittance to Bangladesh
  • the UK, the USA and Germany are also popular destinations
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6
Q

How does the remittance sending system function in Bangladesh?

A
  • formal and informal systems to send remittances back
  • Formal system: demand draft, direct transfer, postal order, etc.
  • Informal system: Hundi, money carrier system
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7
Q

What are the pull factors of other countries in comparison to Bangladesh?

A
  • Saudi Arabia: near by (easy to transport), higher income, etc.
  • Western countries: better living quality, more opportunities, education, etc.
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8
Q

What are remittances?

A
  • the transfer of money by a foreign worker to an individual in their home country
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