SEC-S15W5: Foreign Exchange

Greetings Everyone, This is SHOHANA From #Bangladesh

Earning foreign currency can contribute to the finance and economy of a country. As the currency of my country is not highest in value so foreign currencies like dollars and pounds earning or exchanging can bring financial blessings. There are three sources that I know for foreign exchange and those are exports, direct purchases, and remittances. Bangladesh earn foreign exchange from remittance more than the other two sources.

A big amount of remittance we get from country Saudi Arabia according to the data I found before start writing on this topic. We have business of export and we have good name on clothing production so we get foreign exchange from direct purchase too but the amount is not as big as remittance . Most of our people doesn't complete their study and start having training on labour to seek work in foreign country to earn foreign currency for family and livelihood.

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Name 3 major ways your country earns foreign exchange. Briefly explain how each method works.

Remittance is the major source of earning foreign currency as I already told but beside this we export products like cloths, fishes, jute made goods or products and so on. We doesn't have huge natural resources that we can sell and earn foreign exchange from it.

There are many handmade products that we make to export in foreign country to earn foreign currency. This is direct sell method and it help us exporting our native products and showing the world our creativity. We also export quality products and there are many country appreciate our production and we have an international trading connection among countries.

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Which sector contributes the most to your country's foreign exchange earnings? Why?

Remittance come from the worker already living in foreign country and sending money to their family. This help the family of workers and at the same time the economy of our government. Many freelancers of Bangladesh also brining remittance for my country and personally for me it's a great pleasure to contribute in our economy as a freelancer.

Does your country's foreign reserves depend on this particular sector or are there many other sectors as alternatives?

Well there are many production or goods available in our country to earn foreign currency and once jute was the golden fiber of our country as jute made products has huge demand in foreign country. At present time we make good amount of foreign exchange from exporting garment products and we have many garments and workers in it already.

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What kind of problems do you think your country will face If this sector somehow collapses?

This can be like a nightmare for my country. Our country will face a serious economic trouble if somehow or accidentally this sector will collapses. We may need to ask for financial help from neighbor countries, it can cause famine, inflation and many kind of unexpected trouble or disaster. Sufferings could be unbearable for this kind of probable trouble. My country may need centuries to get back a normal economy of a country.

My country Bangladesh is blessed with foreign exchanges and we wish this blessing will never end and my country become well developed and progressive. No one wants any kind of trouble that can affect lives and without foreign exchange our economy can be destroyed. Our government doesn't have enough money to fix economic trouble that can be cause because of no foreign currencies earning.

Thanks For Stopping By

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A #steemexclusive Blog Written By @shohana1

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