Stories Tagged '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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Migrants’ remittances, one of the largest and reliable sources of external funds for developing countries, have been soaring in recent years. Although they are second only to foreign direct investment (FDI) inflows with respect to scale, remittances amount to over three times the value of official development aid and eight times private capital. These flows have surged five-fold in the past 15 years. This upsurge as well as the potential for remittances to lower poverty and economic vulnerability, improve family welfare, and accelerate economic development has renewed academic and public policy interest on the issue.
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The country’s remittance income has finally made a recovery, recording a growth of 1.7 percent in the seventh month of the current fiscal year.
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Remittance can be channelled towards the creation of programmes for the economic empowerment of women
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