Kathmandu, June 29 -- Despite projections of a massive downfall in remittances due to the Covid-19 pandemic, encouraging signs are emerging that the downturn might not be as bad as predicted.

Nepal Rastra Bank had projected a drop of over 15 percent in remittances in the current fiscal year which ends in mid-July, according to a senior official at the central bank. The World Bank in April had projected remittances to go down by 14 percent in the current fiscal year and the Central Bureau of Statistics, the same month, projected a reduction of Rs163 billion, or over 18 percent, compared to last fiscal year when the country received a total of Rs879 billion sent home by Nepalis working abroad.

"After a sharp drop in April, there has been ...