Highest remittances come from neighboring India more than Malaysia and Gulf countries put together.
KATHMANDU- Nepal Rastra Bank (NRB) says in its report that remittances sent from India to Nepal are growing successively over the years. It was Rs 500 billion some five years ago and now the flow of remittances has gone up to more than Rs 700 billion – an increase of more than Rs 200 billion in just 5 years.
According to the data provided by NRB, a total of Rs 783 billion, 784 million and 198,806 have entered Nepal as remittances sent from as many as 189 countries around the world in the fiscal year 2075/76 BS. The amount of remittances sent to Nepal in the fiscal year 2074/75 was around Rs 776 billion.
In comparison to last year, this year flow of remittances to Nepal has gone up by Rs 8 billion, says NRB. The remittances sent by Nepalese workers from foreign countries are increasing successively every year.
In the fiscal year 2070/71, the total remittances sent to Nepal were Rs 543 billion and that showed a sharp rise of Rs 200 billion in the fiscal year 2075/76 BS making a total of Rs 783 billion. Looking at the record of 5 years ago, the rise of remittances sent to Nepal has seen an increase of 33.4% from the last year, which amounted to 29% of the total national product (Gross Domestic Product – GDP).
Since all the remittances from abroad are routed through the USA, the record shows that the US is the only source of remittances sent to Nepal, clarifies the spokesperson of NRB, Laxmi Panna Niraula. Remittances are sent by all levels of Nepalese workers – skilled, unskilled and unskilled.
There are top professionals and businesspersons working in different countries of the world. They also sent remittances to Nepal, confirms NRB. Last year, a total of Rs 186 billion, 236 million, 246 hundred and 309 was sent to Nepal from the US alone.
These remittances were routed from European countries via the USA, says spokesperson Niraula adding further, “Remittances are increasing non-stop even though numbers of Nepalese opting for foreign employment have gone down.”
How much remittances from which country
We tend to ignore the remittances sent by India while making a reference to other countries. Nepal received the remittances of Rs 92 billion, 501.5 million, 91 thousand and 28 last year from India alone. Saudi Arabia stands next after India in sending remittances to Nepal. A total of Rs 88 billion, 529.5 million, 93 thousand and 3 has entered Nepal as remittances sent from Saudi Arabia.
UAE ranks third as a total of Rs 84 billion, 67 million, 122 hundred and 973 NPR entered Nepal as remittances from there. Malaysia comes next to UAE as not less than Rs 73 billion, 952.4 million, 536 hundred and 694 were sent as remittances to Nepal last year.
It was the record volume of remittances sent from Malaysia to Nepal in recent few years. Similarly, from Japan Rs 66 billion, 70 million and 281 thousand 598, Romania Rs 55 billion, 542 million and 128 thousand 336, South Korea Rs 32 billion, 691.9 million, 414 hundred and 44, Baharain Rs 23 billion, 648 million and 133 hundred and 70, Qatar Rs 18 billion, 746 million, 220 hundred and 93, Kuwait Rs 14 billion, 570 million, 427 hundred and 503, Australia Rs 10 billion, 533.3 million, 582 thousand and 75, United Kingdom Rs 9 billion 560 million 972 hundred and 38, and from Oman Rs 4 billion, 871.4 million, 440 hundred and 31 have been sent as remittances to Nepal.
How much remittances in which fiscal year
In the fiscal year 2070/071 BS, the total remittances to the tune of Rs 543 billion were sent to Nepal. Furthermore, Rs 617 billion remittances in the fiscal year 2071/072 BS, Rs 665 billion in 2072/073 BS, Rs 695 billion in 2073/074 BS, Rs 776 billion in 2074/075 BS and 783 billion in 2075/076 BS were sent to the country.
In the last 6 years, the amount of remittances sent to Nepal faced ups and downs all due to fluctuations in US$ in the international market. The data released by the Nepal Rastra Bank shows that remittances have gradually risen up since fiscal year 2070/071 BS.