Stories Tagged 'Remittance'

A job to be done

Mar 27 2019

Remittance is a short-term fix, we need to create work here
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Workers’ remittances in the first seven months of the fiscal year swelled 285 percent year-on-year, providing a much needed cushion to the country’s depleting foreign exchange reserves.
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Tags: remittance
The reality is that the high dependence on remittance will further weaken our social and economic bases
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Tags: remittance
A ballooning current account deficit due to increasing imports and weakening exports has taken a toll on Nepal’s vulnerable external sector with officials saying that the existing foreign currency reserves won’t be able to sustain imports for longer than eight months.
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In the last 10 years, Nepal has received Rs 4.48 trillion—equivalent to USD 38.67 billion–in remittances from migrant workers abroad, particularly from the hundreds of thousands of workers toiling in the Gulf countries.
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The fiscal year began with a bang for the remittance industry with inflows reaching Rs73.95 billion in the first month—up 33.1 percent year-on-year—even as migrant worker departures recorded a sharp drop.
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