Remittance growth plummets

Remittance growth plummets
Nepalnews.com, 12-Jun-2007

The rate of growth of remittance income has plummeted sharply in the first nine months of the current fiscal year.

According to a report by Nepal Rastra Bank (NRB), the remittance earning increased by 8.4 percent in the first nine months of the current fiscal year – compared with 48.9 percent growth it had witnessed during the same period previous fiscal year.

In recent years, remittance earnings have had immense impact on national economy contributing to 20 percent of GDP.

The NRB report states that the country received Rs 72.39 billion as remittance income during this period.

The central bank says that the decline in growth rate is due to absence of substantial increase in the number of workers going for overseas and stagnant wage overseas.

Furthermore, the appreciation of Nepali Rupees compared with US dollar, too, has affected the remittance earnings.