People of Myagdi, who are plying their trade in foreign land, sent home remittances worth Rs 1 billion during the Dashain festival. Branches of banks and financial institutions (BFIs) in Myagdi distributed remittances worth around Rs 100 million every day from mid-September till the end of September. 

During Dashain, Dhaulagiri Saving and Credit Cooperative distributed remittances worth Rs 140 million, Nilgiri Development Bank distributed Rs 125 million, Buddha Multipurpose Cooperative distributed Rs 100 million and Darbang Saving and Credit Cooperative distributed Rs 55 million. Likewise, Prabhu Bank and Agricultural Development Bank distributed Rs 50 million and Rs 25 million respectively, Macchapuchre Bank and Kasthamandap Development Bank distributed Rs 30 million each, while Bank of Kathmandu distributed Rs 20 million.

Similarly, Metro Development Bank distributed Rs 15 million, Kumari Multipurpose Cooperative distributed Rs 10 million and Kasturi Multipurpose Cooperative, Beni Saving and Credit Cooperative and Namaste Cooperative distributed Rs 5 million each. Around half a dozen small cooperatives distributed Rs 2 to 4 million each. "Most of the recipients have already withdrawn the amount," Raj Kumar Shrestha, manager of Buddha Multipurpose Cooperative, said. "They have left only around 10 percent of the total amount in their accounts."

Around 70 percent of the total remittances received in the district during Dashain came from Gulf countries.
"Remittance flow to the district during Dashain increased drastically this year compared to last year," Anuman Shrestha, acting CEO of Nilgiri Development Bank, told Republica.

Myagdi receives remittance worth Rs 4 billion annually. Remittance is the major source of income for many families as most of the youth in the district are in foreign land.

Published on: 9 October 2014 | Republica