Defying Predictions, Nepal’s Remittances Still High

Source: Inter Press Service (IPS)

Despite dire predictions about a drastic drop in remittances that Nepal gets from its workers abroad due to the COVID-19 induced economic downturn, money transfers have hit NPR 875 billion (approximately $7.5 billion) which is only 0.5 percent less than the preceding year.

This is in stark contrast to the World Bank’s prediction of a 14 percent decline, a worst-case scenario of a 28.7 percent drop by the Asian Development Bank (ADB), and the forecast of an 18 percent reduction by Nepal’s Central Bureau of Statistics.

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