SEC-S15W5: "Foreign Exchange"
This is @robin42from #Bangladesh
Hello friends how are you all? Hope you all are very well. I am also very well with the grace of Allah through your prayers. The fifth week of the Steemit Engagement Challenge Season 15 has been full of great contests. The contest run by the Steem For Bangladesh community is awesome. Which is why here I am ready to participate with pleasure so let's get started I hope you all stay with me.
 Name 3 major ways your country earns foreign exchange. Briefly explain how each method works. |
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Our country has different types of things that we are earning foreign exchange of our country by exporting it very easily. As the question asked to mention three things, I will now try to highlight the three things to you.
The name of our country is Bangladesh and currently Bangladesh ranks second in the world in terms of garment exports. Export of readymade garments is one of the ways to gain foreign market of our country.
About one crore people of our country are living abroad. Due to which they are sending money from diaspora to our country and which we call as remittance in our country. We also consider those who are struggling to leave the country in the diaspora as remittance fighters.
Our country produces a lot of jute which we consider as golden fibers. Also, a large amount of hilsa is produced in our country. We earn foreign currency by exporting these abroad.
| Which sector contributes the most to your country's foreign exchange earnings? Why? |
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Times are changing and with the passage of time human intellectual abilities are and will always be changing. As a result, there was a time when the people of our country were mostly engaged in agriculture. Due to the increasing change of time, the people of our country are much more educated and are now standing on the earth as a strong population. The government exports various things in our country to other countries. Earning foreign money in our country is very easy nowadays with information technology.
Currently, the government has given a lot of importance to the field of ICT due to which a lot of foreign money is coming into our country through legitimate channels through outsourcing. Currently, Bangladesh has occupied the second place in the whole world in a very short period of time through its own skills. We have a large number of freelancers in our country which we feel is very good for our country. Along with the freelancing press, there are clothes export, shrimp export, hilsa fish export, vegetables and various things are being exported from our country to different countries of the world. And through these foreign currency is being earned in our country.
Currencies organized by our country help to strengthen our country's economy. Along with that, the government arranges a balanced distribution of the money for the people of our country, which we think is very beneficial for us. Just as it is strengthening the economy of our country, the reserve system of our country is improving a lot day by day which is considered to be a very good aspect for us.
| Does your country's foreign reserves depend on this particular sector or are there many other sectors as alternatives? |
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Foreign reserves of our country depend on different aspects. There was a time when our country's foreign reserves depended on one channel, but with the change of time, as a result of new decisions by the government, today our country is able to earn foreign exchange in various ways. I have mentioned to you that Bangladesh exports various products including freelancing, garment making to different countries of the world. Not only by exporting, people in our country are thinking about the country in their own way, thinking about how to take the country to a better direction, this is a very good idea at present.
I would like to thank the Bangladesh government because the present government is doing a lot of work on the youth because of which the country is moving forward much faster. The government of our country aims to transform into one of the most economically powerful countries in the world by 2041. Because of which the government is providing all the necessary things for the people to achieve the goal which I consider and proud to say is truly remarkable. Those of you who are doing my post from different countries of the world can help in the development of our country if you want.
But we don't want anything back from you because you can pay us for work from us. I have presented to you that the number of freelancing in our country is very large. You can do any kind of web design software design and any work related to it by our freelancers. Also, I can guarantee you one thing that you will get good quality products at a very low cost. Not only that, you will get it in a short period of time.
| What kind of problems do you think your country will face If this sector somehow collapses? |
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I have said at the beginning that the economy of our country is not dependent on any particular thing. Because of which I believe that if one of them collapses, our country will not be able to maintain its own economic system without proper system. I think no country should depend on one sector for their country's foreign reserves or anything else. Of course I think every country should rely on different sectors in different ways.
If I mention the Middle East, if you notice, you can see that there was a time when they depended on oil and gas to run their country. But nowadays it is seen that they are building various beautiful infrastructures which are already making the center of Madhya Pradesh a center of tourist attraction. If I mention then I will say that United Arab Emirates has already created many famous tourism management in the world due to which people from different countries of the world come here.
If we mention it, then we have to say the South Asian country of Maldives and Bangladesh, the country with the largest beach in the world, which is located in South Asia. There is a lot of tourism system which is playing a role in making the economy of this country prosperous and dynamic.
It is a very nice competition which I am very happy to participate here. So I am Inviting my steemian friends @kouba01 @wilmer1988 @pelon53 @irawandedy @inspiracion @patjewell to in the participate in the competition.
| Thank you all so much for reading my blog. |
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Hi! I hope you are doing great. Foreign exchange markets reflect global economic dynamics where currencies are traded in pairs responding to geopolitical events and economic indicators. Investors engage in foreign exchange to hedge risks, seek opportunities for profit, and facilitate international trade, contributing to the interconnectedness of the global economy. Wishing to the best in future.
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