NEPAL: Remittance's outstanding contribution to GDP rise

Remittance, money earned by Nepalese working overseas, has significantly contributed to the growth of gross domestic products (GDP) of the country. The remittance has surpassed exports as the top contributor to foreign exchange earnings.Nepal Rastra Bank (NRB) revealed this in a report released on Wednesday. NRB's report on ‘Inflow of Workers’ Remittances: Nepal’s Experiences’ presented at SAARC-Finance seminar on Management of Workers’ Remittances in SAARC Countries said remittance has positioned itself now as the top contributor to foreign exchange earning for last five years. The remittance had contributed by 11.5 per cent in 2000-01 and 16.8 per cent in 2005-06. [Read more]