Remittance growth rate sluggish at 0.1 percent despite increment in No. of Workers

Jan 20,2020 | Investopaper
Remittance growth at 0.1%

In the first five months of the fiscal year 2019/20, remittance inflow stood at Rs. 376.99 billion. This is a growth of 0.1 percent in the review period. In the corresponding period last year, the growth rate in remittance stood at 31.9 percent.

As per the report  published by Nepal Rastra Bank titled ‘Current Macroeconomic and Financial Situation of Nepal (Based on Five Months’ Data of 2019/20)’, remittance inflows increased by 0.7 percent in the 5 months period in the US dollar term as compared to the growth of 19.2 percent in the same period of the previous year.

Nepalese workers in foreign employment grew by 11.8%

Although, the growth in remittance is sluggish, the number of Nepalese workers (institutional and individual-new and legalized) in foreign employment has increased by 11.80 percent in the first five months period. In the corresponding period of the previous year, there was decline by 38.40 percent in the number of workers in foreign employment.

Similarly, the number of Nepalese workers (Renew entry) migrated for foreign employment increased 7.6 percent in the review period.

Likewise, the net transfer receipts has decreased by 0.8 percent to Rs. 425.36 billion in the five months. It had increased by 29.8 percent in the corresponding period of the previous year.

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