Review Nepal News

Remittance Hits Hard Due To COVID-19 Crisis

www.reviewnepal.com
  Kathmandu, Nepal      August 25 2020

 


Kathmandu, Nepal, August 25, 2020: Though the remittance is considered as the backbone of the Nepalese economy, it has gradually been decreasing due to the severe impacts of novel coronavirus (COVID-19) in the foreign employment sectors. 

The remittance inflow decreased by Rs 4.24 billion in the last fiscal year compared to the previous fiscal year would be doubled in the current fiscal year as there is no sign of improvements in the sector during the current fiscal year period. 

The report published by the Nepal Rastra Bank (NRB), the central bank of the country, on Monday has painted a bleak picture in terms of remittance inflow of the country.  

According to the report, remittance income has reduced by 3.3 per cent in the US Dollar last year while it had increased by 7.8 per cent in the previous fiscal year. 

Though the NRB has not made any prediction in terms of remittance of the current fiscal year, concerned experts have casted a doubt that the decrease of remittance would be double in comparison of previous fiscal year. 

The number of migrant workers receiving final labor approval has decreased by 20.5 per cent during the period while the number of such migrants had gone up by 32.6 per cent in the previous fiscal year.