South Asian Business news and information

I live in Bangladesh and remittance has become the second biggest source of getting foreign currency for my country. If there were no remittance, all of us here in Bangladesh would suffer immensely. I am happy to see that remittance is becoming an important thing in Nepal too. Thousands of Nepalese people work in other countries (mainly in Middle East) and send some small money to their families and relatives staying in Nepal.

Nepal’s Foreign Minister, Mrs. Sahana Pradhan has recognized the importance of remittance in a speech:

“The growth of Nepalese economy is circumscribed by the decade long armed conflict. In such a case, remittance has supplied oxygen to it”, Mrs. Pradhan said.

“The country feels proud to mention the volume of remittance inflow in the national context which crossed US $ 1 billion yearly from the formal channel”, she continued.  

$1 billion is really cool and I am sure that the amount would increase significantly in the coming years. In fact, Nepal government should focus more on improving banking facilities so that more workers from the Middle East countries feel encouraged to send money through the banking channel.