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Considering current economic crisis, remittance is a burning issue for Bangladesh now. I appreciate your contribution to focus this issue.
Your regression result is not so clear to me. I would like to acknowledge three points in this regard.
Firstly, international oil price is an explanatory variable to define remittances inflow. Your result correlates a rise in oil price with a large inflow in remittances. But in the FY2008-09 when oil prices reduced about USD 82 and remittances inflow increased by USD 1.8 billion compared to last fiscal year. Which contradicts with your findings.
Secondly, regarding depreciation in exchange rate, Bangladesh calculate remittances inflow in dollar terms under the current account. And when an individual collects money in Bangladesh that is converted to taka. But depreciation in domestic currency (Tk.) has no effect in remittance inflow (USD).
Thirdly, remittances inflow always depend on a time lag. Like each additional migrant worker contributes after a certain period or a migrant worker permanantly moves to his home country with all his earnings.
I would be grateful to you if you consider my questions.