Remittance inflows to increase up to $8.5bn in Nepal in 2022: World Bank

KATHMANDU: Remittance is projected to increase by 3.6% and reach as high as $8.5 billion in Nepal in 2022, the World Bank estimated. The World Bank projected so in a 'Migration and Development Brief' unveiled recently. In 2021, the remittance inflow in Nepal was recorded at $8.2 billion. The World Bank has estimated that Nepal will earn remittance, one of the sources of foreign exchange earnings for Nepal, amounting to 22% of the country's total gross domestic product (GDP) in 2022. The World Bank analysed that the surge in the remittance inflows is attributed to various factors, such as increasing the limit of the amount to be sent daily, implementing the provision to open foreign currency savings accounts and additional interest for the amount sent as remittance and to be kept in the fixed deposit account. The World Bank projected that global remittance inflows could increase by 4.9% in 2022. In 2021, the highest remittance was mobilised in the last decade. Compared to 2020, the remittance inflows had surged by 10.2% in 2021. This year, migrant workers and remittances were affected by the impacts of Covid 19 pandemic, Russia's war on Ukraine and inflation among others factors, according to the World Bank. READ ALSO:

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