Remittance down by 132.35 percent


May 18, 2020


Remittance down by 132.35 percent

KATHMANDU: Remittance that is considered as the backbone of Nepal’s economy declined by 132.35 percent in March/April when compared to Feb/March.

According to the Nepal Rastra Bank, remittance worth Rs 79 billion had flowed in Nepal in March/April. In the first eight months of the current fiscal year, remittance had reached Rs. 592 billion.

Compared to last year, the inflow of remittance has decreased by four percent to Rs 626 billion, according to NRB. Remittance had increased by 20.9 percent in March/April of the previous year.

Coronavirus which was seen in China in the last week of December had spread worldwide by March. Since the first week of March, many Nepalis have lost their jobs and some have remained unemployed due to lockdown enforced in many countries.