The total remittance received by Nepal contributed to 29 percent of the country’s GDP
Nepal Rastra Bank’s (NRB) recent report has positioned Nepal in better light in terms of remittance received throughout FY 2075-76 (2018-19).
The Nepal Government has permitted its migrant workers to travel for foreign employment in as many as 172 countries. This is important to note, especially that the Nepal Rastra Bank (NRB) in its recently published report stated that it received remittances from 189 nations.
Moreover, if the migrant workers wish to go to other countries besides the enlisted ones then the government does not provide permits for the same.
Despite this mandate, Nepali migrant workers are employed in more than 189 countries and the Himalayan nation received remittances from 17 new job destinations, including Antigua, Barbuda, Bosnia, Burundi, Cuba, Curacao, Falkland Islands, Grenada, Guam, Guyana, Haiti, Herzegovina, Iran, Sierra Islands and Solomon Islands.
This trend is being observed for a last couple of years, leading to a gradual growth in Nepal’s remittances from some new countries.
According to NRB’s data, Nepal received a total of NPR 784 billion in remittance from as many as 189 countries in FY 2075-76, an increase of NPR 8 billion from around NPR 776 billion in FY 2074-75.
In FY 2070-71, the total remittance received by Nepal was NPR 543 billion, which increased significantly by NPR 200 billion (33.9 percent) in FY 2075-76 to NPR 783 billion.
The following table depicts the amount of remittance Nepal received from various countries:
India NPR 93 billion
Saudi Arabia NPR 89 billion
UAE NPR 85 billion
Malaysia NPR 74 billion
Japan NPR 67 billion
Romania NPR 56 billion
South Korea NPR 33 billion
Bahrain NPR 24 billion
Qatar NPR 19 billion
Kuwait NPR 15 billion
Australia NPR 11 billion
United Kingdom NPR 10 billion
Oman NPR 5 billion
Total Remittance to Nepal Over the Last Five Years FY 2070-76
Fiscal Year Remittance
2070-71 NPR 543 billion
2071-72 NPR 617 billion
2072-73 NPR 665 billion
2073-74 NPR 695 billion
2074-75 NPR 776 billion
2075-76 NPR 783 billion