KATHMANDU, Feb 1: Increasing flow of remittance has provided some respite to Nepal but the issue of out-bound migrant workers has become a matter of serious contemplation.

KATHMANDU, Jan 12: Nepal has recorded a substantial increase in remittance earnings, amounting to Rs 613.250 billion in the first five months of the current fiscal year 2023/24, as revealed by the Nepal Rastra Bank (NRB).

KATHMANDU, Dec 6: Nepal Police have urged all the people concerned to use official channels for sending and receiving remittance from abroad to avoid potential legal issues and the risk of cyber fraud.

In the Nepali month of Ashoj (mid-September to mid-October) this year, the remittance inflow has set a new record, with a staggering Rs 136 billion received in remittances for that month alone. This marks the highest amount ever received in a single month.

KATHMANDU, Nov 10: In the Nepali month of Ashoj (mid-September to mid-October) this year, the remittance inflow has set a new record. As much as Rs 136 billion was received in remittances in this month. This marks the highest amount ever received in a single month.

KATHMANDU, Oct 2: In the month of Shrawan (mid-July to mid-August 2023), Nepal received the all-time high remittance inflow. Nepali migrant workers sent a total of Rs 116.2 billion in remittances through official channels.

KATHMANDU, Sept 18: Nepal received a one-month record high remittance of Rs 116.02 billion in the first month of the current fiscal year.

KATHMANDU, Aug 18: In the fiscal year 2079/80 BS (2022/23), Nepal witnessed an influx of remittances, averaging over 100 billion monthly. According to the annual data of last year released by Nepal Rastra Bank on Friday, a total of Rs 1.2 trillion was received in remittances till mid-July. In the last fiscal year, remittances surged by 21.2 percent compared to the previous year.

Poverty, income inequality, and low domestic production capacity are significant issues in the country. Import rates are rising rapidly, while export growth remains sluggish. Both the agricultural and industrial sectors face inadequate investment. Additionally, the economy is hampered by insufficient physical infrastructure, energy crises, and political instability. The reliance on imported goods leads to a prominent trend of marginal consumption. Furthermore, the weak investment multiplier and low capital formation contribute to the challenges faced by the economy.

KATHMANDU, June 9: An average of one billion remittances per month has started coming from the current financial year. In the first 10 months of the current fiscal year 2022/23, remittances equal to an average of Rs 1.05 trillion have been received.

KATHMANDU, May 11: Nepal received remittance worth Rs 109.07 billion just in one month between mid-March and mid-April.

Remittance has been an integral part of Nepal's economy for years, with hundreds of thousands of Nepali migrant workers traveling to various parts of the world in search of better job opportunities every year. However, as much as remittance has been a lifeline for many Nepali households, it may not be the best option to depend on for the country's economy.

KATHMANDU, March 13: Nepal gained net foreign currency earnings of US $ 200 million in the past one month during mid-January and mid February, mainly due to a notable rise in the remittance earnings of the country.

KATHMANDU, March 12: The country has witnessed the inflow of remittance worth over Rs 689 billion in the first seven months of the current fiscal year 2022/23. The remittance inflow is a 27.1 percent increment as compared to the previous fiscal year, according to the details of seven months of the current FY made public here today by the Nepal Rastra Bank.

KATHMANDU, Jan 22: Deputy Prime Minister and Minister for Finance Bishnu Prasad Poudel has said that the government is ready for policy-level reforms to further systematize the inflow of remittance.

KATHMANDU, Jan 15: The pressure on Nepal’s external sector, which had been persisting for almost one year, has now eased at the back of an increased remittance earnings and fall in imports.

KATHMANDU, Dec 16: Nepal added extra foreign currencies worth Rs 7.60 billion to its foreign currency reserves during the one-month period between mid-October and mid-November, mainly due to a decline in imports along with a notable rise in remittance inflows.

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.