Nepal Rastra Bank (NRB) said the inflow of remittances into the country wound decline by almost 40 percent by mid-November this year against 80 percent increase in mid-October compared to same month last year.

While addressing the national conference on Worldwide Recession and Impact on Remittance organised by Nepal Remitters Association (NRA) in the capital Monday, acting governor of the NRB Krishna Bahadur Manandhar said the worldwide economic meltdown caused the setback here.

He further said festive season and depreciation of Nepali currency against the US dollar might have raised the money inflow into the country but it could not remain static. But he further added remittance will not suffer so badly as most remittances come from Gulf countries where the world crisis is yet to hit.

Economist Dr. Bishwambher Pyakuryal stressed the need for precautionary measures to avoid impacts in Nepal though no immediate and significant threat has been identified yet.

Since the rural Nepali population heavily depends on remittance, global meltdown might invite impact in sectors like jobs markets, remittances and prices of daily consuming goods.

NRA chairman Chandra Prasad Dhakal called on the government to take immediate steps to resist the recession. nepalnews.com ia Dec 16 08