HT Online
Kathmandu, March 14
The flow of remittances rose by 18 per cent in Nepal, during the first half of current fiscal year 2007-08 and touched the total amount to Rs 57 billion as of mid-January 2008. Nepal had received Rs 48.26 billion during the same period in the previous fiscal year.
Similarly, the largest remittance-recipient developing country India's private current transfers grew by 30 per cent in the first half of 2007.
According to a report -Remittance Trends 2007, the flow of remittance globally continues with a robust growth with developing countries taking lead as major recipients. The growth of remittances to developing countries remains robust because of strong growth in Europe and Asia.
The worldwide flows of remittances are expected to reach $318 billion in 2007. Of the total amount, remittances sent home by migrants from developing countries are expected to exceed $240 billion in 2007, up from $221 billion in 2006 and more than double the level reached in 2002.
This amount reflects only officially recorded transfers-the actual amount including unrecorded flows through formal and informal channels is believed to be significantly larger, states the report.
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Nepal is experiencing the remittance boom quite recently, though the number of Nepalese workers working abroad was never too less. UAE and the South East Asian countries are the chief destinations of work. What's commendable is the fact that despite being relatively new to the remittance industry, the country has already shown signs of tapping the remittances. Organisations like Thamel are already going all out to promote productisized remittances. I realised this while creating a post on the issue of productisized remittances for my blog http://onlineremit.blogspot.com/
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