SEC-S15W5: "Foreign Exchange"
Hello dear friends how are you all? I hope everyone is well by the grace of God. I am also very well by the grace of Allah. Today I am here with a contest entry post. The contests going on in the fifth week of the steem engagement challenge season fifteen are excellent. I am ready to participate here with pleasure. The contest run by the Steem For Bangladesh community is, SEC-S15W5: "Foreign Exchange" Here I want to complete my entry. Let's get started then.
| Name 3 major ways your country earns foreign exchange. Briefly explain how each method works. |
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My country's economy is not export dependent, but our country has many sectors to earn foreign exchange. I will make note of them and I will be glad to say so. I am satisfied with what my country has and I am content with what I can earn. Anyway, I will introduce you to the three major foreign exchange earning sectors of my country. The three major foreign exchange earning sectors are exports, remittances, and tourism. They play a leading role in earning foreign exchange in our country.
Although Bangladesh is not very strong in exports, some of the products of this country that go abroad from Bangladesh rule. Attracted to the quality of the products, it has earned a name in the court of the world. And there are some products that are valued abroad. And by exporting all these products, Bangladesh has been able to earn a large amount of foreign currency.
After that, remittance is another medium. Due to remittances, foreign currency is constantly being added to the economy of Bangladesh. And in order to earn foreign currency, Bangladeshi people invest their labor and create workplaces abroad, they are sending remittances to the country at a tremendous speed. Which plays a major role in the economy of our country. The remittances of Bangladeshis sent from abroad are improving the country's reserves.
There are certain tourist areas that attract foreigners again and again. To present Bangladesh to the world many iconic tourist areas of the country have been created where foreigners come and enjoy it. It adds a lot of foreign currency to the country's sector. So I would say that tourism areas are playing a role in earning foreign exchange.
| Which sector contributes the most to your country's foreign exchange earnings? Why? |
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I will mention here not one sector but at least three sectors. Because I know that the three sectors that I will mention here are known as the highest top sectors in the country.
Garment Sector: Garment sector in Bangladesh currently plays a role in earning maximum foreign exchange. It has occupied the top spot for many years. It is very suitable in terms of quality and environment of Bangladesh clothing. It has been ruling the court of the world since the beginning. The clothes made in Bangladesh are being exported to almost every country in the world. Foreigners are also importing Bangladeshi-made clothes in special fields. Garment industry of Bangladesh plays the highest role in earning foreign exchange.
Leather Products: Leather products are widely exported from Bangladesh. Leather products are playing a major role in daily life products starting from clothes made in leather process and various shoes and bags. The demand for leather goods made in Bangladesh is very good in different countries of the world. These leather products have given a huge mountain of foreign exchange to Bangladesh.
Jute products: Jute is known as the only golden ash of Bangladesh. Jute tops the list of exportable agricultural products. It is possible to earn a lot of money in Bangladesh by exporting jute products or jute. At one time jute was one of the exportable products of Bangladesh. Still these jute products are being exported at a large rate. In the economy of Bangladesh, it is possible to earn a lot of foreign exchange by exporting jute products abroad.
I am proud of these products because they are playing a huge role in our country's economy. There are many more such products from which we can earn massive foreign exchange.
| Does your country's foreign reserves depend on this particular sector or are there many other sectors as alternatives? |
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The sectors that I have mentioned work as foreign reserves of Bangladesh. These sectors increase the reserve capacity. We have to improve our country's reserves with these foreign currencies. Garment industry plastic products and some valuable medicines that depend on the country's reserves through exports. I would not say that our country's reserves are that strong. However, except for the sectors that I have mentioned, our country's reserves may go towards a lot of deterioration.
So the sectors that I have mentioned are playing a major role in the country's economy reserve. I would like to point out that the garment sector plays a major role in the country's economy through export of jute products and foreign remittances. If these three sectors are separated from Bangladesh's reserves, the country's economy or foreign reserves will deteriorate a lot. Therefore, I have considered these mentioned sectors as valuable, which play a major role in the country's economy.
| What kind of problems do you think your country will face If this sector somehow collapses? |
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One of the reasons for the economic collapse is the decrease in the reserve capacity of the country. And the reserve of the country's economy will decrease only when the country's exportable products are separated from foreigners. The valuable sectors that I have mentioned in the country's economy are really playing a very valuable role in maintaining our reserves. I think that if any one of these three sectors deteriorates, it will affect the country's reserves, which should become unstable in the last financial year. The economy of the country is weak and the reserve capacity will decrease when the mentioned sectors are inactive.
Remittances and exportable products have kept the country's reserves. If these do not play a role in the country's economy, then the country's reserves will be very low and I think there will be a huge disaster in the country's economy. So I would like to say that the decline in the demand for the mentioned products and the stoppage of remittances have caused havoc in the country's economy. So I want to say that without these mentioned products and remittances, our country's reserves may deteriorate greatly.
It is a very nice competition. So I happily participated in this competition. So in this contest I invite my dear friends, @kouba01 @irawandedy @malikusman1 @graceleon @pelon53 hope you will participate in this contest with joy.
¡Holaaa amigo!😊
Las remesas son una excelente alternativa para que un país adquiera remesas... En Venezuela esta modalidad se comenzó a emplear en 2012 debido a la ola emigratoria y, ha tenido tanto protagónico que, es una de las principales así que, no me queda la menor duda de que, tu país cuenta con un buen sector de ingresos financieros.
Te deseo mucho éxito en la dinámica, un fuerte abrazo💚
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¡Muchas gracias por el apoyo!😊💚
Upvoted. Thank You for sending some of your rewards to @null. It will make Steem stronger.
Dear brother, you are right that our country earns a lot of foreign exchange from remittances. Most of the country's total foreign exchange earnings come from remittances. Then the tourism sector has become popular nowadays. Many tourists visit Bangladesh every year. Ready made garments and leather industry is in the top list of foreign exchange earners of our country. In the case of ready-made garments, some parts are consumed while importing raw materials. Your writing is very beautiful. Good luck to you.
Hi I hope you are doing great. I read your post and its so nice and informative. 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 you the best in Future.
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It is really a wonderful tropic. Our country earns a lot of for foreign exchange Through various ways. We all should know about them. I think Remittance is one of them.Best wishes brother..