Remittances swell despite drop in migrant departures
The NRB report shows that 342,426 individuals were given approval for foreign employment in the first 11 months (mid-August to mid-June) of this fiscal year, down 8.2pc
Remittance inflows swelled 7.3 percent to Rs679.73 billion in the first 11 months of the fiscal year 2017-18, despite a drop in departures of Nepali migrant workers, according to the latest Macroeconomic Report of Nepal Rastra Bank (NRB). The jump in the value of remittances has been attributed largely to a rising US dollar against the Nepali rupee.
The report said that 342,426 individuals were given approval for foreign employment in the first 11 months (mid-August to mid-June) of this fiscal year, down 8.2 percent.
Foreign employment statistics show that Malaysia topped the list of destination countries for migrant workers. A total of 104,149 people left for Malaysia in the first 11 months of this fiscal year, up 15.37 percent as compared to the same period last year.
Similarly, Qatar emerged as the second most popular destination with 97,536 individual workers going to the oil-rich nation. However, the number of Nepalis going to Qatar dropped 18.57 percent during the review period. Departures to the UAE increased by 5.46 percent to 55,631 individuals.