KATHMANDU

The majority of the amount received through remittances is found to be spent on daily consumable goods. The report titled ‘Impact of Foreign Employment on Economic and Social Sectors in Lumbini Province’ published by the Nepal Rastra Bank reveals this. Based on a survey conducted on 383 households engaged in foreign employment from five districts of Lumbini Province (Gulmi, Arghakhanchi, Palpa, Rupandehi, and Rolpa), the report states that the remittance amount is spent on daily consumable goods, education, health, entertainment, and other sectors.

According to the study, out of the total amount received through remittances, only 58.78% is spent on daily consumption, while 22.48% is spent on education and health sectors, 10.7% is used for loan repayment, and 8.67% is spent on entertainment and other sectors. The study also mentions that among the surveyed families, 96.61% of daily consumption expenses have increased compared to before engaging in foreign employment. Similarly, 96.08% of expenses related to festivals, entertainment, and social expenses have also increased.

The study conducted by the Nepal Rastra Bank mentions that 68.21% of the remittance amount is invested in business, 65.80% is invested in housing, and 63.19% is spent on purchasing land and property.

According to the data from the Nepal Rastra Bank, the average annual growth rate of remittance inflow in the past 10 years has been 11.13%. In the fiscal year 2070–71, the remittance amount received within Nepal was 544.29 billion rupees. It is seen that this amount will reach 1.22 trillion rupees by the fiscal year 2079/80.