KATHMANDU: Nepal Rastra Bank (NRB) has said the remittance will decrease by 20 percent in the current fiscal year 2019/20.
Earlier, the Central Bureau of Statistics and World Bank had projected that the remittance inflow would go down by 18 percent 14 percent, respectively.
According to Gunakar Bhatta, Executive Director of NRB, the remittance inflow decreased by 50 percent in March-April compared to February-March.
Rs 79.2 billion in remittance had entered Nepal in February-March, according to the statistics maintained by the NRB. This came down to Rs 39.6 billion in March-April.
Only 7.3 trillion remittance will enter Nepal in the current fiscal year, according to NRB’s projection.
To estimate roughly, around 5 million Nepali youths are abroad for the foreign employment.
Broke out in last December, the Coronavirus pandemic will have a direct impact on the remittance inflow, said Maha Prasad Adhikari, the Governor of NRB, in the parliament’s Finance Committee meeting.
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