August 25, 2021 | Investopaper
Remittance has increased by 86 billion rupees compared to the previous year. Although the number of people going for foreign employment has decreased due to the Corona epidemic, the inflow of remittances has increased. According to Nepal Rastra Bank, Nepalis who went abroad for employment in the fiscal year 2077/78 have sent remittances of Rs. 961.05 billion. In the previous fiscal year, remittance of Rs. 875 billion was received.
Compared to the previous year, remittances increased by 9.8 percent last year. According to NRB, remittance had declined by about Rs. 4 billion in FY 2076/77 as compared to FY 2075/76. In the Fiscal Year 2075/76, remittance of Rs. 879 billion was received.
NRB has announced to provide one percent more interest on remittance deposits from the current fiscal year through monetary policy. Remittance is helping to reduce poverty in Nepal, as well as expanding urbanization and running private schools and banks, and financial institutions.
Most remittances came from destination countries including Qatar, Malaysia, United Arab Emirates, and Saudi Arabia. The remittance would increase if Nepalis could go to South Korea. Due to the Corona epidemic, Nepalis have not been able to go to Korea for employment for a year and a half.