FY 2070-76: NRB Records 33.9 Pc Increase in Nepal Remittance

Nepal Rastra Bank’s (NRB) recent report has positioned 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.

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 Panna 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.

The following table depicts the amount of remittance Nepal received from various countries:

Total Remittance to Nepal Over the Last Five Years FY 2070-76

Related News

• Nepal Federal Budget FY 2076-77: Income Tax Slabs, Rates and Concessions