Remittances to Nepal On Rise

Remittance flows into Nepal continue to rise despite decrease in number of its migrant workers, said Nepal Rastra Bank in its latest report published on November 25, 2018.

Remittance inflows into Nepal have grown by a record 37.3 percent to Rs 242.17 billion over the first three months of FY 2018-19.

The remittance growth rate was only 2.6 percent during the corresponding period of the last year.

This growth continues to exist despite a significant decline in the rate of Nepali workers migrating abroad for jobs or any other purpose. This is majorly attributed to stopping of workers to Malaysia, says NRB.

According to the Central Bank, around 58,713 Nepalis left the country for foreign jobs during the three-month period, however, showing a 36.7 percent decline in the overall worker migration rate.

Rise in remittances was majorly attributed to the rise in USD value vis-à-vis Nepali Rupee besides money sent by migrant Nepalis to their local family members for festival celebrations, adds the report.

Despite this positive trend in remittances, the country’s Balance of Payment (BoP) continues to be high at NPR 35.42 billion in the review period compared to BoP surplus of NPR 4.27 billion year-on-year.

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