Nepal records 20% growth in remittance despite fall in migration rate

Kathmandu, May 20

Nepal has received Rs 653.19 billion in remittances sent by Nepali migrant workers from various countries of the world in the first nine months of the current fiscal year, 2018/19.

This is 20.9 per cent more than the remittance amount received in the same period the previous year.

According to the data of Nepal’s central bank, the receipt of remittance has significantly improved from mid July 2018 to mid April 2019.

The overall remittance growth rate was 5.6 per cent in the previous year, the Nepal Rastra Bank informs.

The receipt of remittance in the US dollars has also increased by 9.5 per cent in the current fiscal year. It was almost the same in the previous year also.

The growth of remittance receipt is significant as the number of Nepalis leaving home for foreign employment is on the decline, according to analysts.

Records at the NRB show that the number of Nepalis acquiring labour permits for overseas works has decreased by 39.3 per cent in this period.

However, the number of Nepalis renewing their labour permits has increased by 4.6 per cent.

Published on May 20th, Monday, 2019 8:23 AM

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