The impact of the U.S. economic recession on Bangladeshi immigrants living in New York and elsewhere in America can be seen in the large reduction in remittances to Bangladesh and the decrease in expenditures in preparation for Eid-ul Azha, a major religious festival of the Muslims in the community.
Concerned managers of money exchange businesses and grocery stores are presenting a bleak picture of the Bangladeshi community’s economic situation.
“The economic recession of America extended its hand into our community. As a result, Bangladeshi immigrants could not send home enough money this year,” said Ataur Rahman, the chief executive of Sonali Exchange. Shahadat Hosen at Sonali’s Manhattan branch also expressed concern about the effects of the recession: “There is no crowd in my branch like all other years. During the last Eid-ul Azha, $16 million were sent through our exchange. But this year we will not be able to reach our target.” Sonali’s manager in Jackson Heights the branch, Mojubul Haq, and Abu Sufian, at the Los Angeles branch, both confirmed the negative economic impact.
But a Thikana survey in the community revealed differing accounts of the community’s economic state. According to Nurul Islam, manager of Rupali Exchange, remittances have not decreased. Sonali managers at the Astoria, Queens and Atlanta, Georgia branches also said that they were not experiencing a decrease in business at their branches.
According to the grocers, however, the recession seriously hit the Bangladeshi Eid market. Orders for sacrificial cows or goats for Eid declined this year in comparison to the previous years; however, some of them are hopeful that more orders will come as Eid draws nearer.
“Khamarbari” sources informed Thikana that the price of per pound of beef increased from $2.39 last year to the present $2.59.
Mr. Nasim Ali, of the AL-Habib Meat &Grocery, said that they had fixed the per-pound rate of beef at $2.49, and of mutton at $3.79. The price of cow and goat is determined by the size of the animal and varies from $1,050 to $1,400 for a cow, and from $140 to $200 for goat.
According to Mujubur Raham, of the Bangla Grocery at Jackson Heights, this year orders for sacrificing of animals are less than in past years.
Fakhrul Islam, of Fatima Grocery of Jamaica, agrees that the recession has cut down the orders to sacrifice animals. “People’s financial situations are making them very careful with their money and they are not ordering for animals to be sacrificed,” he said.
Tight budgets have also affected drastically the demand for ready-made garments and ornaments, with the crowds of housewives shopping dwindling at the stores.
