By A Staff Reporter

Kathmandu, Dec. 22 The flow of remittance into the country has decreased during the first four months of the current fiscal year despite an increase in outflow of the Nepali migrant workers.
The country has received the remittance worth Rs. 304.97 billion during the review months of the current fiscal year that is 2.3 per cent lower than same period last year, according to the report of Nepal Rastra Bank (NRB).
Remittance flow into the nation had increased by 36.4 per cent in the same period during the previous year.
In the US dollar term, the remittance inflow decreased by 1.5 per cent in the review period against an increase of 23.1 per cent in the corresponding period of the previous year.
Net transfer receipt has decreased by 2.5 per cent to Rs. 344.08 billion in the review period. Such receipts had increased 33.6 percent in the same period of the previous year.
Executive Director of NRB Dr. Gunakar Bhatta said that the effect in the significant fall in the Nepalis workers migrated for foreign employment in the last fiscal year has seen in the downfall of remittance inflow over the months of the current fiscal year.
“The migration of workers to Malaysia has halted for a long time, which led to a decrease in the remittance inflow in Nepal. Likewise, the sluggish economic growth of global economy, including in the Gulf countries in 2019, is another factor contributing to the decrease of remittance in the country as large number of Nepalis are working in Gulf nations,” he told The Rising Nepal.
Definitely, the growth of remittance was become high in the last fiscal year despite in the downfall of Nepalis workers migrated because of stronger a US dollar against Nepali currency, high interest rate provided by the banks and financial institutions and tightening of the informal trade by the government, he added.
The remittance inflow had increased by 16 per cent to Rs. 880 billion in the last fiscal year while only Rs. 755 billion received in the previous fiscal year.
Stating that the number of Nepalis workers migrated for foreign employment has increased lately, he said that it would take a few months to ascertain their contribution in the remittance inflow.
The number of Nepalese workers (institutional and individual-new and legalized) migrated for foreign employment increased by 5.6 per cent in the review period. It had decreased by 39.4 per cent in the same period of the previous year.
Likewise, the number of Nepalese workers (Renew entry) migrated for foreign employment increased by 9.1 per cent in the review period. It had decreased by 10.3 per cent in the same period of the previous year.
“The inflow of remittance will improve in the coming years. We cannot expect an increase in the inflow of remittance in line with the last year’s ration,” he said.
The downfall in the inflow of remittance might be affected in the national economy as contribution of remittance to the GDP was high, he said adding that the gap of remittance could be fulfilled by mobilising the foreign loan as the NRB has already opened the banks and financial institutions to take foreign loans.
He said that it was a must to create job opportunities in the country through the development of industrial sector to retain Nepalis in the homegrown industries, business, and economic activities as the remittance is not a sustainable source of economy.