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Stakeholders have pointed out that the system should be further digitized in order to sustain the improvement seen in remittance flow and to bring in more remittances legally. They emphasized that all stakeholders should proceed together in this process.
In a workshop organized by the Nepal Money Exchange Association in collaboration with Nepal Rastra Bank, the stakeholders said that they should focus on service expansion and improvement, keeping in mind the positive impact of remittances on the economy. In the workshop, Acting Governor Neelam Dhugana said that Timsina has been increasing remittance inflow and it has played an important role in improving the economy. He said that everyone should take initiative to introduce remittances legally and digitize remittances. She also said that the National Bank is ready to cooperate with stakeholders in this process.
'Rashtra Bank's foreign exchange management department's executive director Tulsi Prasad Ghimire said, 'Rashtra Bank is ready for the development and ease of the remittance sector.' Ram Bahadur Manandhar, Executive Director of the National Bank, Non-Bank Financial Institutions Supervision Department, said that remittance companies should work within the scope of the rules and regulations specified by the regulatory bodies. In the
workshop, Nepal Mudra Remitters Association President Chandra Tandon said that if there is healthy competition between remittance companies and remittance banks and financial institutions, remittance inflow will increase and it will help to strengthen foreign exchange reserves.
