Defying predictions, Nepal's remittances still high
Kathmandu, Aug. 25 -- Despitedire predictions about a drastic drop in remittancesthat Nepal gets from its workers abroad due to the Covid-19 induced economic downturn, money transfers have hit Rs875 billion which is only 0.5% less than the preceding year.
This is in stark contrast to the World Bank's prediction of a 14% decline, a worst-case scenario of a 28.7% drop by the Asian Development Bank (ADB), and the forecast of an 18% reduction by Nepal's Central Bureau of Statistics.
During the initial months of the crisis in March/April remittances did take a sharp dip, declining from Rs79.2 billion the preceding month to Rs34.5 billion. But it has since picked up, rising steadily to Rs94 billion in May/June and Rs101 billion in June/July. ...
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