Oman has suspended all visas for Bangladeshi citizens, raising concerns about further declining income for expatriates. This comes as Bangladesh recently experienced its lowest expatriate payment in 41 months. The reduced contribution of expatriate income to foreign exchange reserves is a significant factor in the rapid decline of the country’s resources.
According to information from Oman, the Royal Oman Police have announced a ban on issuing visas to Bangladeshis starting on Tuesday. Oman is home to approximately 1.5 million foreigners, with Bangladeshi expatriates being the largest group, numbering around 550,000.
Oman has suspended issuing visas
Bangladesh Bank data shows that Oman was the ninth-largest source of expatriate income for Bangladesh in the 2021-22 and 2022-23 fiscal years. In 2021-22, Bangladesh received $897.4 million in expatriate revenue from Oman, and in 2022-23, despite a slight decrease, it remained in the ninth position, with $79 million in income.
However, since the July 2023-24 fiscal year, expatriate income from Oman has decreased monthly. In the first three months of the fiscal year, approximately $23 million in expatriate revenue came from Oman. Despite the decreasing trend, Oman still ranked fifth in income during this period. Experts are concerned about Oman’s decision to suspend visas for Bangladeshi expatriates, which could impact their income. It’s essential to investigate the reasons behind this decision, whether Oman aims to provide more opportunities for its citizens or if other factors are involved. Understanding the motivation behind this move is crucial for Bangladesh to take appropriate measures.
The exchange rate for expatriate income has been fluctuating, reaching 115 takas for every dollar. This contributed to a significant decline in remittances in September, although there has been a slight recovery in October. In the first 20 days of October, $125 million in expatriate income was sent through legal channels, which is only $9 million less than the entire previous month. It is anticipated that expatriate revenue in October may surpass September’s $134.36 million. However, if Bangladeshi workers cannot go to Oman in November, it could disrupt the flow of expatriate income once again.
