Remmitance inflow surges by 16.5 percent

KATHMANDU, AUGUST 19: The remittance inflow in the country increased by 16.5 percent to  Rs 1,445.32 billion in remittances in the last fiscal year. This was revealed by the latest macroeconomic report from Nepal Rastra Bank, made public yesterday. In the previous year, such inflow had increased by 23.2 per cent.

In US Dollar terms, the money sent by  the Nepalis working in foreign countries rose by 14.5% to $10.86 billion in 2023/24, compared to a 13.9% increase in 2022/23

Though the remittance amount surged during the review year, the number of Nepalis seeking overseas jobs went down during the same period.

The number of Nepali workers, both institutional and individual, receiving first-time approval for foreign employment stood at 460,103 last fiscal while 281,199 renewed their entry. These figures were 497,704 and 277,272, in 2021/22 and 2022/23  respectivelyaccording to the report.