Thursday 17th October 2019

Nepal Source of Remittances – A Glance at the Current Scenario, Scope of Growth and Beyond

Statistics furnished by the Department of Foreign Employment (DFE) reveals that around 37,00,000 Nepali workers are employed in various world nations
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Nepal Source of Remittances – A Glance at the Current Scenario, Scope of Growth and Beyond

The Nepal Government has permitted its migrant workers to travel for foreign employment in as many as 172 countries. This is important to note, especially that the Nepal Rastra Bank (NRB) in its recently published report stated that it received remittances from 189 nations.

Moreover, if the migrant workers wish to go to other countries besides the enlisted ones then the government does not provide permits for the same.

Despite this mandate, Nepali migrant workers are employed in more than 189 countries and the Himalayan nation received remittances from 17 new job destinations, including Antigua, Barbuda, Bosnia, Burundi, Cuba, Curacao, Falkland Islands, Grenada, Guam, Guyana, Haiti, Herzegovina, Iran, Sierra Islands and Solomon Islands.

This trend is being observed for a last couple of years, leading to a gradual growth in Nepal’s remittances from some new countries.

Nepal Rastra Bank

According to Nepal Rastra Bank data, Nepal remittances increased in the last five years by 33.9 percent.

Furthermore, statistics furnished by the Department of Foreign Employment (DFE) reveals that around 37,00,000 Nepali workers are employed in various world nations.

Considering the above government norm, it has been observed that Nepal migrant workers go abroad for employment using two means – an organizational process through manpower agencies and an informal process viable through personal contacts.

And in other possibilities, Nepali workers move from country to country to apply for jobs during their employment tenure outside Nepal.

Surprisingly, Nepali workers by means of manpower agencies took employment in 110 countries and on the other hand workers applying for jobs via personal contacts visited as many as 172 countries.

A Nepal Rastra Bank spokesperson Laxmi Panna Niraula advocates that if remittances are the criteria, then Nepali workers have reached 189 countries.

Therefore, it is essential that if the Nepal Government wants to see a continued growth in its remittances, then it needs to increase the scope of its official permits to foreign employment in various countries.

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