The multilateral lending institute cautions Nepal to diversify the migrants’ destinations citing a possible fall next year

KATHMANDU, Nov 16: Nepal’s Balance of Payments (BoP) recorded a surplus of Rs 12.43 billion in the first three months of the current fiscal year, due to an increase in remittance inflow, decline in imports and increase in foreign direct investment (FDI) over the period.

KATHMANDU, Oct 21: The country received Rs 187 billion in remittances in the first two months of the current fiscal year (FY).

KATHMANDU, August 16: Nepal Rastra Bank (NRB) has increased the threshold of money remitted from abroad on a daily basis from Rs 1 million to Rs 1.50 million.

CHITWAN, July 24: More than two and a half billion rupees enter Nepal every day in the form of remittances. According to Nepal Rastra Bank data, youths who have gone for foreign employment have been sending 2 billion 745 million rupees to Nepal daily.

KATHMANDU, July 23: In 11 months of the fiscal year 2021/22, import of goods and services increased to Rs 185 billion 840 million with a whopping rise by 53.3 percent.

KATHMANDU, July 12: Nepal recorded remittance inflow of Rs 904 billion in the first 11 months of the current fiscal year 2021-22.

KATHMANDU, June 13: Finance Minister Janardan Sharma has said that remittances from Nepali people who have gone for foreign employment have helped in improving the rural economy. Speaking on the occasion of the 22nd anniversary of IME Limited, a remittance company under the IME Group, Finance Minister Sharma said that the role of remittance companies in earning foreign exchange was significant.

KATHMANDU, May 12: Nepal has received remittance amounting to over Rs 724 billion in the nine months of the current fiscal year, 2021/22, a 0.6 percent decline as compared to the corresponding period last year, according to data published by the Nepal Rastra Bank on Wednesday. The figure had increased by 16.5 percent during the same period in the previous FY, 2020/21.

KATHMANDU, April 12: Nepal’s balance of payments (BoP) stood at a negative Rs 258.64 billion in the first eight months of the current fiscal year, with an additional increase in net outflow of Rs 11.61 billion in one month during mid-February and mid-March.

KATHMANDU, April 11: Finance Minister Janardan Sharma has directed the Nepali missions abroad to take initiatives for bringing in as much remittance as possible from the citizens living abroad and increasing the number of foreign tourists in Nepal by conducting promotional programs.

KATHMANDU, April 8: The Ministry of Labor, Employment and Social Security (MoLESS) has put forth a number of recommendations to encourage remittance inflow through formal banking channels.

KATHMANDU, April 6: Citing depleting foreign currency reserves of the country, the government is considering enforcing a number of measures that include facilitating outbound workers to send more remittance, reducing consumption of petroleum products and controlling the import of luxury items.

Remittance is the most easy and conventional source to run the economy. However, in the long run, it could be more dangerous and riskier for the economic health of the nation.

KATHMANDU, March 12: More than 200,000 Nepali citizens have gone abroad in search of jobs in the first seven months of the current fiscal year beginning mid-July. The number of Nepalis seeking final labor permits (institutional and individual-new and legalized) for foreign employment has increased significantly.

KATHMANDU, Jan 20: Private sector has requested the government to provide subsidies to raise interest rates on the remittance earnings to facilitate migrant workers to send money they earned through banking channels.

People’s increased purchasing capacity won’t matter if we can’t hold the money home. Capital flight adds to the problems and hikes dependency.

KATHMANDU, Nov 24: Finance Minister Janardan Sharma said the government will take stern measures to reduce imports to maintain the country’s foreign currency reserves.

KATHMANDU, Nov 19: Senior Vice-President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and president of IME Group Chandra Prasad Dhakal has suggested investing remittances in sectors that give long-term return.

KATHMANDU, Oct 25: Nepal’s earnings from remittance declined by 6.3 percent to Rs 155.37 billion during the first two months of the current fiscal year.

KATHMANDU, Sept 24: The remittance flow, which had been rising steadily for a year and a half after the COVID-19 pandemic hit, declined in the first month of the current fiscal year.

KATHMANDU, June 15: While the number of people going for foreign employment is declining due to the COVID-19 pandemic, the remittances sent by Nepalis living and working abroad is continuously increasing.

KATHMANDU, May 11: Nepal’s remittance earnings in the first nine months of the current fiscal year rose by 16.5 percent compared to that of the same period of the last fiscal year, despite a massive drop in the outgoing number of migrant workers.

KATHMANDU, Feb 8: Nepal received remittances worth 495.31 billion rupees in the first half of the current fiscal year, a growth of 11.1 percent compared to the same period last fiscal year despite a fall in the number of outbound workers during the period.

KATHMANDU, Jan 14: Remittance inflow increased by 10.9 percent to Rs 416.81 billion in the first five months of the current fiscal year despite a fall in the number of outbound workers during the period.

KATHMANDU, Dec 31: The education expenditure of students studying abroad has increased after most of them lost their jobs due to the COVID-19 pandemic. Although the number of students leaving for higher education abroad has dropped sharply due to the pandemic, the expenditure for education purposes has not decreased.

KATHMANDU, April 11: The inflow of remittance has begun to witness a sharp plunge. The tourism industry faces the biggest catastrophe in Nepal's recent history. And there is only a slim chance for the country's exports to grow any further.

KATHMANDU, March 31: The government has barred import of luxury vehicles and a number of expensive edibles to avoid possible fall in foreign currency reserve of the country as economic activities come to a halt due to COVID-19 outbreak.

Costs of conflict

January 23, 2020 08:19 am

The United States told the United Nations that the killing of Iranian commander Qasem Soleimani was in self-defence and vowed to take additional action “as necessary” in the Middle East to protect US personnel and interests. On other side, Iran retaliated by firing 20 ballistic missiles at two military bases in Iraq where United States troops were stationed. It is believed that driving out the presence of United States from the region was the major objective of Iran and Soleimani’s personal mission. So the bigger picture is Iran lost its best military strategist and the assassination ensured the elimination of a man who America saw as potential challenger of its primacy in region.

KATHMANDU, Jan 18: The International Monetary Fund (IMF) has said that the economic growth of Nepal will moderate to 6% in the current fiscal year 2019/20.

KATHMANDU, Oct 24: Breaking from a trend of continuous growth in the remittance inflow, the money transfer of Nepali workers from abroad has observed a decline in the first two months of the current Fiscal Year 2019/20.

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.