Migrant workers bring in skills

September 18, 2019 00:30 am

Let’s use returning migrants’ skills and earnings to increase domestic production

Nepal is significant market for us

September 15, 2019 10:13 am

Having two decades of experience in marketing, brand management and sales team management, Sabrina Chan joined MoneyGram in 2004. The Marketing Head of Asia Pacific, South Asia and Middle East, Chan has expanded her remit to cover more regions including South Asia and the Middle East region developing and leading the regional initiatives for more than 25 countries.

Misreading savings

September 15, 2019 02:00 am

When the basics are not gotten right, analysis becomes wonky and the resulting policy misguided. We can then only pray for Lord Pashupatinath to come to the rescue. It is fashionable among the commentariat, the intelligentsia and the political class to sigh in despair over how little of the remittances sent home by Nepalis toiling abroad is saved. If you ask them how they know that remittance receivers do not save much, they are likely to point to either media reports or the survey such reports cite—the Third Nepal Living Standards Survey (NLSS)of 2010/11.

Remittance up by 20 %

June 19, 2019 19:30 pm

KATHMANDU, June 19: Despite the declining number of people leaving for foreign jobs, the remittance into the country has increased by 20 percent, according to Nepal Rastra Bank report.

NEW YORK, June 15: The International Organization for Migration (IOM)—together with the International Fund for Agricultural Development (IFAD), the UN Department of Economic and Social Affairs (DESA), and the 2019 Global Forum on Migration and Development (GFMD) Chairmanship—is hosting a high-level meeting at the UN Headquarters on Sunday.

KATHMANDU: Nepali migrant workers are spending around Rs 18 billion to send remittance home annually. According to a report by the Ministry of Employment and Social Security, a migrant worker spends up to 4.5 percent to send US $200 to Nepal.

KATHMANDU, Feb 8: A government taskforce has suggested reducing the cost of remitting money to Nepal through banks or remittance companies for encouraging migrant workers to send money home using formal channels.

KATHMANDU, Dec 24: The Nepal Rastra Bank (NRB) has revealed that the remittance inflow has increased by 36.4 per cent in the four months of the current fiscal year while the nation's balance of payment (BoP) remains at a deficit of Rs 57.33 billion.

NEW DELHI, Dec 9: India is expected to receive a total remittance of $80 billion in 2018, said the latest edition of the World Bank's Migration and Development Brief, released on Saturday.

KATHMANDU, Nov 26: Remittance inflow to the country has grown by a record 37.3 percent to Rs 242.17 billion in the first three months of current Fiscal Year 2018/19 despite significant decline in the rate of Nepali workers migrating abroad.

Is there a remittance trap?

October 30, 2018 01:00 am

High levels of remittances can spark a vicious cycle of economic stagnation and dependence

KATHMANDU, Sept 29: The first month of the current Fiscal Year 2018/19 has seen a surge in the deficit of balance of payment (BOP) amid widening trade imbalance of the country.

Costs of remittance

September 19, 2018 00:30 am

Evidence shows remittance-receiving families indulge in more lavish lifestyles and do not take up income generating activities

Fellow Nepalis, return home

August 19, 2018 01:20 am

In the western hills in the 80s, it was not uncommon for mothers to find their young sons missing some ‘ominous’ mornings.

KATHMANDU (REPUBLICA): International Money Express (IME) and the India-based Muthoot Finance have signed an agreement for Indo-Nepal remittance service on Sunday.

Remittance lessons

November 29, 2017 00:30 am

Examples from Latin America and Central Asia suggest over-dependence on income from remittance can be risky.

KATHMANDU, Nov 22: Remittance growth is on a decline for the past few months, raising concerns that slow growth of money sent by migrant workers abroad could build pressure on the country's external sector stability.

BAGLUNG, Oct 4: Baglung district received remittance worth Rs 400 million for Dashain celebration this year.

KHOTANG, Sept 27: Financial literacy classes are being operated in Rupakot Majhuwagadi municipality of Khotang to help the locals better use the remittance money that enters the district from foreign employment. The classes aim to help the people save and utilize the remittance money by investing it in productive sectors to create a sustainable source of income.

KATHMANDU, May 23: Swabalamban Laghubitta Bikas Bank Ltd (SWBBL) and Boom Remittance have signed a memorandum of understanding (MoU) to provide remittance services.

KATHMANDU, March 23: Boom Remittance Pvt Ltd has appointed Kasthamandap Development Bank Ltd as its agent. Issuing a statement on Wednesday, the bank said that the money sent via Boom Remittance can be withdrawn from 19 branch offices of Kasthamandap Development Bank Ltd throughout the country.

KATHMANDU, March 18: Growth rate of remittances inflow continued to decline in the first seven months of the current fiscal year.

CBIL, Casco in remittance tie-up

February 8, 2017 09:28 am

KATHMANDU, Feb 8: Citizens Bank International Ltd (CBIL) and Casco Financial Services Ltd of the United Kingdom have signed a Memorandum of Understanding (MoU) to provide remittance services.

KATHMANDU, Dec 28: Mega Bank Ltd and Samsara Remit Pvt Ltd have signed a Memorandum of Understanding to provide remittance services. As per a statement issued by Mega Bank, Rabina Desraj Joshi, deputy general manager of the bank, and Jeevan Babu Shrestha, executive vice president of Samsara Remit, signed the agreement on behalf of their respective companies.

Remittance growth slows to 3.2 percent

November 19, 2016 00:10 am

KATHMANDU, Nov 19: Remittances inflow grew by only 3.2 percent in the first quarter of the Fiscal Year 2016/17 compared to 24 percent growth rate in the corresponding period of the last fiscal year.

KATHMANDU, Nov 17: IME Ltd has been awarded by Inland Revenue Department (IRD) for paying highest amount of tax amongst the remittance companies in the Fiscal Year 2014/2015.

KATHMANDU, Nov 4: Agriculture Development Bank Ltd (ADBL) and Easylink Remittance Pvt Ltd have signed a Memorandum of Understanding (MoU) for providing remittance through all ADBL branch offices.

SIRAHA, Oct 20: Bishnu Prasad Shah of Majhura village is a Qatar-based migrant worker. After hard labor for over a decade, Shah built a concrete house in his village and purchased a piece of land in Lahan. Shah is not sure whether he did right or wrong by spending all the hard-earned money to buy land and make a house, but he is happy with the limelight these possessions have given him. Both assets has enlisted him into the village's rich club and now feels that he has become a highly respected man in his locality.

KATHMANDU, Sept 22:  Citizens Bank International Ltd (CBIL) has signed an agreement with Overseas Remit Pvt Ltd to facilitate remittance transfer.

KATHMANDU, Sept 6: Prime Minister Pushpa Kamal Dahal today stressed the need for taking 'awakened and relevant' initiatives to make a capital base through remittance.

Remittance growth slows

August 27, 2016 09:31 am

KATHMANDU, Aug 26: The number of people going abroad to work fell last year, pushing the growth rate of remittance inflow down in Fiscal Year 2015/16.

KATHMANDU, Aug 23: Nepal Rastra Bank (NRB) has increased paid-up capital requirement for money changers and remittance companies.

KATHMANDU, Aug 9: Remit Hydro Ltd (RHL) is mobilizing remittances sent by migrant Nepali workers to develop two hydropower projects -- Ghunsa Khola (71.5 MW) and Sinbuwa Khola (53.7 MW) projects.

The remittance trade-off

August 3, 2016 00:35 am

There should be a careful and dispassionate analysis of the economic costs of remittance

KATHMANDU, Aug 2: NMB Bank has signed an agreement with microfinance company 'Unique Nepal' for remittance services.

KATHMANDU, July 24: Boom Remittance Pvt Ltd has appointed Tinau Development Bank Limited as its agent to receive money sent from abroad.

KATHMANDU, July 24: Boom Remittance Pvt Ltd has appointed Tinau Development Bank Limited as its agent to receive money sent from abroad.

KATHMANDU, July 21: Citizens Bank International Ltd (CBIL) and Boom Remittance Company Ltd (BRCL) have signed an agreement to provide remittance service.

KATHMANDU, July 7: Kumari Bank Ltd and Samsara Remit Pvt Ltd have signed an agreement to provide remittance services.

KATHMANDU, July 7: Himalayan Bank Limited (HBL) and Tranglo Sendirian Berhad (Tranglo) have signed a remittance agreement. Issuing a statement, the commercial bank said that it signed the agreement with one of Asia's leading money transfer operator to offer inward remittance service to Nepal.

Beyond remittance

June 21, 2016 00:59 am

Remittance is a more resilient source of foreign exchange compared to other sources. This is particularly true in times of economic crisis