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Although the foreign employment sector has been affected due to Covid, there has been no impact on the remittances received from that sector. After March 076, the field of foreign employment has been affected.
Although a small number of young people have managed to go for foreign employment, most of the destination countries have not invited workers for employment.
Before covid, 500,000 youth used to go to different countries for foreign employment every year. After covid, the number of people going for foreign employment has decreased to 1 lakh.
Nepal Rastra Bank spokesperson Dev Kumar Dhakal said that the amount of remittances has increased as they have started coming from the formal sector.
“First it used to come from Hyundai, now it has started coming from banking and remit companies,” he said, “because of this, the volume has increased.”
There are still many Nepalis working in the destination country. Spokesperson Dhakal said that because they worked harder and sent money home, the amount of remittances was increasing.
According to the Department of Foreign Employment, the number of people going to foreign employment has decreased by 70 percent on average due to the impact of the global spread of the Covid-19 virus on foreign employment.
However, the specific reason for the decrease in remittances in proportion to the number of workers has not been revealed.
A few years ago, remittances accounted for up to 30 percent. Even now, remittances account for more than 25 percent of GDP. Even the World Bank had predicted that remittances would decrease. But in Nepal, remittances are increasing instead of decreasing after Covid.
According to the department, more than 5.5 million Nepali workers have gone to different countries for foreign employment with work permits. Although the number of returnees is not certain, the department says that a large part of them are still in foreign employment. This news is in Annapurna Post.