Sunday Jul 3, 2022
Sunday Jul 3, 2022

Is Nepal's Economy to be relied upon Remittance only?


Nepalnews
2022 Mar 11, 17:46,
Nepal Rastra Bank has asked all concerned to exchange the fourth edition of Qatari Riyal banknotes.

More than two lakh Nepali citizens have gone abroad due to lack of employment opportunities in the country. The number of Nepalis seeking final labor permit (institutional and individual-new and legalized) for foreign employment has increased significantly.

According to a report, a total of 2102 Nepalis have gone abroad in search of employment till mid-January last year. Such number had decreased by 85.4 percent in the corresponding period of the previous year.

As per the details till mid-January last year, one lakh 52 thousand 325 people have taken re-employment permit. The number of people seeking re-employment for foreign employment has increased by 266 percent.

In the last seven months of the current fiscal year, a significant number of Nepali citizens went abroad in search of employment. Every day, various air service providers leave the runway carrying Nepali youth.

Working people of working age group are not considered good for the country in itself. On the one hand, the increase in the number of Nepalis going abroad, on the other hand, the declining inflow of remittances seems inconsistent in itself.

In the seven-month report of the current fiscal year released by Nepal Rastra Bank today, the remittance inflow decreased by 4.9 percent to Rs. 540.12 billion. The remittance inflow had increased by 10.9 percent in the corresponding period of the previous year.

In US dollar terms, remittance inflows declined by 5.8 percent to Rs 4.53 billion. Such inflows had increased by 6.8 percent in the previous year. Net transfer decreased by 4.2 percent to Rs. 603.73 billion during the review period. Such transfers had increased by 8.9 percent in the corresponding period of the previous year.

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