Nepal received 784 billion remittances in the fiscal year 2018/019. Nepal received NPR 543 billion remittances in 2012/013. India contributes Rs.93 billion taking a leading country followed by Saudi Arabia Rs.89 billion.
UAE Rs. 85 billion, Malaysia, Rs. 74 billion, Japan Rs. 67 billion Romania, Rs 56 billion, South Korea Rs. 33 billion, Bahrain Rs. 24 billion, Qatar Rs. 19 billion, Kuwait Rs. 15 billion, Australia Rs. 11 billion, United Kingdom NPR 10 billion and Oman NPR 5 billion.
The total remittances in the last follows 2071-72 NPR 617 billion, 2072-73 NPR 665 billion 2073-74 NPR 695 billion 2074-75, NPR 776 billion and 2075-76 NPR 783 billion.
Nepal Rastra Bank’s (NRB) recent report showed Nepal in better light in terms of remittance received throughout FY 2075-76 (2018-19).
According to NRB’s data, Nepal received a total of NPR 784 billion in remittance from as many as 189 countries in FY 2075-76, an increase of NPR 8 billion from around NPR 776 billion in FY 2074-75.
In FY 2070-71, the total remittance received by Nepal was NPR 543 billion, which increased significantly by NPR 200 billion (33.9 percent) in FY 2075-76 to NPR 783 billion.The total remittance received by Nepal contributed to 29 percent of the country’s Gross Domestic Product (GDP)
The report also mentions individual countries contribution to Nepal remittance, which has grown significantly over the years.
Nepal Rastra Bank
Since all of the remittance to Nepal from various countries are routed via USA, NRB’s report shows that US is the only source of remittance to Nepal, explained NRB spokesperson Laxmi Niraula.
In FY 2075-76, Nepal received a total of 187 billion from US alone.
Meanwhile, the remittance from India increased from NPR 500 billion to NPR 700 billion over a period of 5 years, projecting an increase of more than NPR 2 billion.
The report further states that remittance are sent by all levels of Nepalese workers – skilled or unskilled. These include Nepali businesses and top professionals working in various countries across the world.