Huge chunk of remittance spent in unproductive sector

Kathmandu, June 17: It has been learnt that huge chuck of remittance was spent in the unproductive sector. A study report prepared by Nepal Rastra Bank has revealed such fact. As much as 25.3 percent of the remittance Nepal gets is used to pay loan, while 23.9 percent to manage daily expenses as foods and clothes.

Similarly, 9.7 percent was used for education and health, 3.5 for marriage and tonsure ceremony and 3.0 for household works.

The saving percentage of the remittance is however 28 percent and only 1.1 percent is used for productive sector.
Among those gone abroad for job, 90.9 percent have been found taking loan from bank and financial institutes. Even hundi was used to send money.

On average, a person on foreign job sends money for six times a year. In a year, half million rupees on average is sent to the family.