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KATHMANDU: Authorities expect that remittances from Nepal decrease by 14% this year, amid the economic crisis derived from the novel SARS-CoV-2 coronavirus.
The fall in remittances resulted in a loss of about US$1.2 billion, according to a recent report by the World Bank.
Nepalese migrant workers sent US$8.6 million to their homes in 2019, becoming one of the largest receivers of remittances in the world.
Remittances to the entire South Asian region are forecast to decline by 22%, US$109 billion, due to the global economic slowdown caused by the outbreak of the coronavirus pandemic and the fall in oil prices.
The economic slowdown is likely to affect directly remittance outflows from the United States, the United Kingdom, and the countries from the European Union to South Asia.