Remittance in FY 2077-78 up by 9.8 percent compared to previous year: NRB

KATHMANDU: Nepal received Rs 961.05 billion in remittances in the last fiscal year 2077-78, an increment by 9.8 percent in the last fiscal year when Nepal had received Rs 875.03 billion in remittances.

However, the inflow of remittances has increased in the last one year. Remittance had declined in the previous fiscal year due to the Covid-19 pandemic. NRB data has shown that remittance increased last year despite the impact of the pandemic.

The inflow of remittances had declined in the previous fiscal year due to the impact of coronavirus on Nepal’s foreign employment business. Nepali workers lost their jobs due to the lockdown imposed in the employment destination countries to control the coronavirus. At the same time, the demand for new workers had decreased sharply. Therefore, the inflow of remittances had decreased in the previous fiscal year.

However, amid the coronavirus crisis, the growth rate of remittance inflow last year was almost in double digits. Nepal Rastra Bank spokesperson Dev Kumar Dhakal said that the inflow of remittances has increased as the impact of the pandemic has diminished. He also said that this has happened as the money coming through informal channels have also started coming through formal channels.

Mostly, Nepalis go to Malaysia, Qatar, Saudi Arabia, the UAE, South Korea, Bahrain among other countries for employment.