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KATHMANDU, Feb 7: Nepal is cushioned with a notable rise in the foreign currency reserves as of mid-January, thanks to a significant increase in the remittance inflows in the past six months.
Fostering a conducive environment for expatriate contributions is vital
Inward remittance fell in the fourth quarter of 2023-24 fiscal year thanks to the increased use of informal channels like hundi despite a sharp rise in the number of Bangladeshi migrant workers, according to Bangladesh Bank data.
Highlights: The banks that follow verbal rules of BB are losing but those offering higher rates winning Banks are supposed to pay up to Tk110 per dollar for remittances According to bankers, some banks pay max Tk116 to collect remittances Exchange houses also compete among themselves to collect remittance They collect remittances at higher rates, sell
Remittance inflow increased by 21.2 per cent