Remittance nation’s lifeline in conflict, say fiscal experts

Kathmandu, December 21:

Experts here today hailed role of foreign remittance that helped keep the economy afloat even during a decade of armed conflict.

Upendra Poudel, CEO of NMB Bank, the youngest commercial bank, speaking during an interaction on ‘Remittanec Business’ organised by Manakamana Money Express (MME) said that the business had also helped officially channel money from various parts of the world.

Bhim Sherchan, chairman of MME, said that they were serving the nation by sending the money through legal channels from even the remotest parts of Malaysia. “There is still an untapped market,” he added.

The total contribution of remittance to the Gross Domestic Product (GDP) is pegged at an impressive 17.4 per cent, according to Nepal Rastra Bank, the central authority.

Speaking on the occasion, Sunil KC of NMB Bank described the various risks — like foreign exchange risk — associated with the remittance business and how they it was helping the country despite all odds.

Sudeep Dhakal executive director of MME and other speakers also spoke on the role of remittance.