Nepalese remittances soar post earthquake

Manama The relief aid form all over the world, including Bahrain’s Royal Charity Organisation’s (RCO) large succour, has helped Nepal to revive public life to normalcy after the devastating earthquake on April 25. In fact, the remittances by the expatriate Nepalese have also played a crucial role in the recovery efforts. Meghraj Ariyal, hailing from Gorkha, one of the most affected districts in Nepal, was one of the first to send money to home. Ariyal, who works as an administrator in a multi-national company, is one of the thousands of Nepalese working in the GCC. “Even though aid has been crucial, the money I sent home helped my family get back on their feet. I usually send home a third of my earnings. But that has gone up considerably last month due to the devastation caused by the earthquake. I have already remitted thrice in the span of one month,” said Ariyal. In support of the Nepali diaspora, remittance houses had also waived of their remittance fees to send money to Nepal. Lulu Group International Managing Director Yusuff Ali M.A. handed over 20 million Nepalese Rupees to the Nepal Prime Minister’s Disaster Relief Fund last month. LuLu International Exchange B.S.C (C) waived off remittance fees in all of their branches. “We were touched by the gravity of the earthquake disaster. It was our duty to do our bit to help the people of Nepal and we are humbled to have been one of the first organisations to waive our remittance fees,” said Adeeb Ahamed, Managing Director, LuLu International Exchange B.S.C (C). On an average Nepal receives about $500 million per month in remittance. Noting that there was an increase in remittance, Adeeb said: “Compared to last month, there was an increase in the number of transactions to Nepal. The waiver of remittance fee was one of the primary reasons.” The Nepalese economy is highly dependent on remittance, which totaled $5.9 billion in 2014.