Nepalese Resided In Foreign Countries Are Sending Home Rs 1.76 Bn Daily

Apr 18, 2021 01:08 PM Merolagani

Nepalese who are resided in foreign countries are sending Rs 1.76 billion daily to Nepal. Although the number of Nepalese going to foreign countries for work is decreasing, the amount being sent to Nepal from abroad is increasing significantly.

According to Nepal Rastra Bank, the central bank of Nepal, Nepalese living abroad have sent Rs 642.14 billion to Nepal in the last eight months of the current FY. On average, Nepalese are sending Rs 1.76 billion daily.

The amount entered Nepal through the banking system. Apart from it, it is estimated that Nepalese send the same amount through an unofficial medium (Hundi). However, there is no official data available of the exact amount sent through such medium.

Including both formal and informal channels, it is estimated that Nepal receives more than Rs 3 billion daily from Nepalese working aboard.

Against the estimation that the remittance amount will decrease due to the return of Nepalese during the pandemic caused by COVID-19, the remittance amount has been increasing.

The remittance inflow has increased by 8.6 percent compared to the corresponding period of the last FY. Similarly, it increased by 1.5 percent in the last FY compared to the corresponding period of the previous FY.

 

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