By Our Reporter
The remittance inflow into Nepal set a new record in the Nepali month of Ashoj (mid-September to mid-October) this year. The country received Rs. 136 billion in remittances, the highest amount ever received in a single month.
The country had received remittances of Rs. 228 billion in the first two months of the current fiscal year (starting from mid-July) and the figures surged to Rs. 365 billion by the end of the third month.
According to the report of Nepal Rastra Bank (NRB), the country received remittances worth Rs 136 billion in the month of Ashoj.
According to the NRB, the remittance increased by 30 per cent in the first three months of the fiscal year compared to the same period the previous fiscal year (FY 2022/23). In Ashoj of the previous year, the remittance inflow had increased by only 16.8 percent.
According to the officials of the NRB, the remittance inflow in terms of US dollars stood at 2.76 billion, which is 25.9 per cent more than the same period of the previous year. Nepal usually receives higher amounts of remittances in the month of Ashoj as this month marks the arrival of the greatest festival in the country — Dashain.
In the review period, according to the central bank’s report, the number of Nepali workers who took first-time approval for foreign employment stood at 113,397. Similarly, 49,297 individuals were approved for renewed entry.
In total, 162,694 individuals were issued approval to work abroad, other than India.
Despite the remarkable rise in remittances, the government is still unable to meet the customs revenue target and economic recession.
Considering the poor revenue and rising economic problems, Prime Minister Pushpa Kamal Dahal ‘Prachanda’ held a meeting with the officials of the Finance Ministry, National Planning Commission and Nepal Rastra Bank on Monday while he held a similar meeting with the representatives of the political parties and business community on Tuesday.
Addressing the meeting the Prime Minister said that the economy is still under pressure and there is a need for greater cooperation among the stakeholders to find a solution.
“Although some indicators of the economy are positive, the economy is not free from pressure. It is necessary to have more intensive discussions to resolve the problems of the economy,” he said.
The Prime Minister said that although problems related to cooperatives, microfinance, bank interest rates, and businessmen’s loans have arisen in the past due to various reasons, some people are trying to gain political advantage by showing this problem. By saying so, the PM was hinting at Durga Prasain and his growing political activities.
Speaking on the occasion, Finance Minister Dr. Prakash Sharan Mahat, said that the government will not listen to those who say they will not pay back the loans they have taken.
Governor of the Nepal Rastra Bank, Maha Prasad Adhikari, and President of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI), Chandra Prasad Dhakal also presented their views in the meeting.
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