August 27: Remittance inflow to Nepal has remained above average in recent months despite widespread speculations that it would decline due to the global impact of Covid-19.

The inflow of remittance was above average in the first month of the current fiscal year (mid-July to mid-August). Remittance inflow was above average in the previous two months as well.

Nepal received remittance around Rs 90 billion in mid-July to mid-August, according to Nepal Remitters Association. The figure is 20 percent more compared to the remittance inflow of last fiscal year. During the corresponding period of last FY 2019/20, the inflow of remittance to Nepal was Rs 75.40 billion.

Chairman of Nepal Remitters Association, Suman Pokharel, said that the country received remittance of around Rs 90 billion according to their estimate.

“The inflow of remittance during the month of Shrawn (mid-July to mid-August) seems to be above average despite Covid-19 crisis,” said Pokharel.

According to Nepal Remitters Association, the inflow of remittance during the review period however has declined by 10 percent compared to the previous month (mid-June/mid-July). During that period, Nepal had received remittance of Rs 101 billion.

During normal circumstances, the average inflow of remittance to Nepal is around Rs 73 billion. However, during the first two months of the lockdown imposed in March, the inflow of remittance had dropped below average. However, it has picked up pace again.

According to the data kept by Nepal Rastra Bank, the inflow of remittance in Chaitra (mid-March to mid-April) was Rs 34 billion followed by Rs 54 billion in Baishakh (mid-April to mid-May).