Remittances decrease by 18 pc in the first month of the current fiscal year – myRepublica

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KATMANDU, September 24: The flow of remittances, which had increased steadily for a year and a half after the COVID-19 pandemic hit, declined in the first month of the current fiscal year.

Experts say the effects of being unable to find a job overseas during the pandemic are finally being felt. However, experts are of the opinion that it cannot be said with certainty that remittances started to decline based on a one-month report. The number of people seeking employment overseas has declined dramatically since the outbreak of the COVID-19 pandemic.

Employment has yet to pick up in Malaysia, South Korea and other work destinations closed due to the pandemic. During this period, some Nepalese traveled to Saudi Arabia, Qatar, the United Arab Emirates and other countries to find employment, but the number is very low. According to details released Thursday by the Nepal Rastra Bank (NRB), remittances of Rs 75.96 billion were received from Nepalese living abroad during the first month (mid-July to mid-August) of the current exercise. This is a decrease of around 18% from the previous year.

Remittances had increased by 23% over the corresponding period of the previous year. In the first month of the current fiscal year, US dollar remittances fell 17.5% to Rs 638.2 million. These entries had increased by 14.5% the previous year.

During the same period, the number of people applying for a definitive work permit (institutional and individual, new and legalized) for employment abroad rose to 13,800. These figures had declined by 99.2 percent over the corresponding period of the previous year.

Likewise, the number of Nepalese seeking a permit for overseas employment increased again by 286.1 per cent during the period under review to 11,628. These figures had decreased by 80 per cent. during the corresponding period of the previous year. The influx of remittances is expected to increase gradually as the number of people seeking employment abroad increases.

According to the central bank, the net transfer declined 16.4 percent to 85.21 billion rupees in the first month of fiscal year 2021/22. These transfers had increased by 20 percent over the corresponding period of the previous year.


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