By Jyoti Dhakal, KATHMANDU:- Remittance inflows decreased by 6.1 percent in the first ten months of the current Fiscal Year.The total remittance has reached to Rs. 680.84 billion as of April.
This is 6.1 percent less than the amount deposited in the same period last fiscal year.
According to the Nepal Central Bank, (NRB), remittance flow had increased by 19.6 percent in the first ten months of last year.
Similarly, the number of Nepalese seeking final labor approval for foreign employment has also decreased by 2.7 percent in the first ten months of the current fiscal year.
This number had decreased by 36.8 percent in the corresponding period of the previous year.
The number of Nepalese seeking re-employment for foreign employment also declined by 24.6 percent during the review period.
It had increased by 5.8 percent in the corresponding period of the previous year.
Nepal’s remittance market was also affected by the global outbreak in the employment market of the Middle East countries, which were the choice of Nepalese migrant workers.
In recent times,the falling price of oil in the international market which is the the main source income of the Middle East countries, has caused their business establishments to collapse.
Along with this, the economy of the Middle East countries will decline in the next few years due to which remittances will continue to decline with the repatriation of millions of Nepalese migrant workers, which will have a negative impact on the Nepalese economy.
Remember, with the global outbreak of COVID-19 and the fall in international oil prices, the economies of the Middle East have collapsed and Nepalese migrant workers from the Middle East have begun to return home due to possible unemployment and an insecure future.
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