Governor asks to use remittance money for capital formation

LALITPUR: Governor of the Nepal Rastra Bank (NRB) Yubraj Khatiwada has stressed for utilizing the remittance in productive sector for capital formation at home.

At a program on remittance policies and programmes organized in the capital on Tuesday, Khatiwada also expressed dissatisfaction to the excessive use of remittance in the unproductive sector.

Saying that the central bank was committed to brining in the remittance through the formal medium, Governor Khatiwada also urged all migrant workers to send their money through the legal channel.

Also speaking at the program, UN Under-Secretary General Gyan Chandra Acharya said Nepal’s economy has sustained due to remittance among the least developed countries (LDCs).

Acharya was of the view that country’s productivity increment should be prioritized, as remittance inflow was not the sustainable means to lead the country.

Likewise, former Vice-chairman of the National Planning Commission Prithvi Raj Ligal said the remittance should be utilized for national capital formation.

Over 2 million Nepalis have been working in different countries, especially in the Gulf and Malaysia, as the migrant workers.