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Foreign employment saving bond fails to attract migrant workers

Posted by jaypee 33 days ago Nepal
http://www.myrepublica.com —

KATHMANDU, Jan 16: Only 5.65 percent of the foreign employment saving bond has been subscribed by Nepalis working abroad or those who have recently returned home from foreign employment, indicating that Nepal Rastra Bank's efforts to mobilize savings from migrant workers have gone in vain. 


According to Nepal Rastra Bank (NRB), foreign employment saving bonds worth only Rs 28.2 million, out of Rs 500 million worth of bonds floated last month, have been sold. 
The subscription from overseas Nepali workers for this year is, however, slightly higher than the bonds sold in Fiscal Year 2016/17. In the last fiscal year, the central bank had sold Rs 52.1 million of foreign employment bonds out of Rs 1 billion worth securities reserved solely for migrant workers.


Though the foreign employment bonds are being issued every year, the instrument is getting lukewarm responses from Nepalis working abroad. The highest subscription rate for the bond was in FY 2014/15 when the central bank sold 33.49 percent out of the total of Rs 250 million worth of securities.