August 16: Nepal received Rs 961.05 billion in remittances in the last fiscal year 2077/78.

According to Nepal Rastra Bank (NRB), remittance inflow has increased by 9.8 percent in the last fiscal year. In the previous fiscal year 2076/77, Nepal had received Rs 875.03 billion in remittances. The inflow of remittances had decreased by 0.5 percent in that year.

However, the inflow of remittances has increased in the last one year. Remittance had declined in the previous fiscal year due to the Covid-19 pandemic. NRB data has shown that remittance increased last year despite the impact of the pandemic.

The inflow of remittances had declined in the previous fiscal year due to the impact of coronavirus on Nepal's foreign employment business. Nepali workers lost their jobs due to the lockdown imposed in the employment destination countries to control the coronavirus. At the same time, the demand for new workers had decreased sharply. Therefore, the inflow of remittances had decreased in the previous fiscal year.

However, amid the coronavirus crisis, the growth rate of remittance inflow last year was almost in double digits. Nepal Rastra Bank spokesperson Dev Kumar Dhakal said that the inflow of remittances has increased as the impact of the pandemic has diminished. He also said that this has happened as the money coming through informal channels have also started coming through formal channels.

“Lately, employment opportunities in labor destination countries have not shrunk. After the vaccination against corona, employment opportunities have grown,” he said.

Nepalis who have gone for foreign employment also send money through illegal channels. However, due to repeated lockdown and prohibitory orders, illegal transactions could not take place in Nepal. Since then, they have started sending money through formal channels. Experts say that remittance inflows have increased since the beginning of last fiscal year.

Mostly, Nepalis go to Malaysia, Qatar, Saudi Arabia, the UAE, South Korea, Bahrain among other countries for employment.