Global IME, Emirates, Al Amana Ink Agreement

Global IME Bank has struck an agreement with Emirates India International, UAE, and Al Amana Exchange, Qatar. Bank’s Chief Executive Officer (CEO) Ratna Raj Bajracharya, Emirates India   nternational chairman Humaid Mohammed Shattaf and Al Amana Exchange Director Tariq Omar H. A. Almana signed an agreement recently.

 

Following the agreement, money sent from all branches of Al Amana Exchange, Qatara and Emirates India International can be received from any branches of the Global IME Bank in Nepal. The Bank has 72 branches and 2 thousand 5 hundred agents across the country. Global IME has been providing remittance services in the UAE, Qatar, Bahrain, India, the UK and S Korea.

 

Remittance Flow Growth Rate Tumbles

Remittance flow growth rate in Nepal has slowed in past few months. Though the total remittance amount has increased, concerned stakeholders say that the growth rate has declined due to various reasons. They argue that the Saudi Arabia government’s move to deport illegal Nepali workers last year is one of the factors behind the slump of overall remittance growth.

 

According to the data of Nepal Rastra Bank, the remittance growth has declined 3.4 per cent in the first two months of the current fiscal year in comparison to the similar period of last fiscal year. The growth rate plunged to 34.7 per cent as of mid September of the current fiscal year from 38.1 per cent to the similar period of the last fiscal year. According to NRB, The NRB report shows that Nepal received remittance amounting to Rs 65.38 billon in the first two months compared to Rs 88.4 billion of last year. 

 

While the NRB is making the statistic public that shows the decline in the remittance growth rate,  United Remit has said that the remittance has increased by 8 per cent in the current fiscal year compared to the last year. Similarly, Prabhu Money Transfer has also has said that the remittance flow has surged this year than in last year. Munal Jang Karki, Business Development Executive of Prabhu Transfer, said the remittance inflow has surged 27 per cent from January to October this year. Economist Dr Chandramani Adhikari said that people’s ‘wait and watch mood’ due to the recent rise in the US dollar could be a reason in the decline of the remittance growth rate. According to him, the trend to bring equipments and goods as well as cash with themselves by the migrant workers during Dashain and Tihar festival could also be a reason behind the decline of remittance growth rate. Experts say that the slowdown of the remittance growth rate could affect Nepal’s remittance-based economy in a long run.