Remittance inflow surges by 4 percent

KATHMANDU, FEBRUARY 3: Remittance inflows increased by 4.1 percent to Rs. 763.08 billion during the review period, compared to a 22.2 percent increase in the same period of the previous year. This information was provided by Nepal Rastra Bank (NRB) in its report,  Current Macroeconomic and Financial Situation of Nepal, which is based on data for the six months ending mid-January 2024/25.

In US dollar terms, remittance inflows increased by 1.1 percent to $5.58 billion in the review period, compared to a 19.5 percent increase during the same period of 2023/24.

Net secondary income (net transfers) reached Rs. 832.76 billion during the review period, up from Rs. 799.54 billion in the same period of the last year.

The number of Nepali workers, both institutional and individual, receiving first-time approval for foreign employment stands at 230,439, while those approved for re-entry total 162,628. Last year, these numbers were 206,390 and 133,940, respectively.

Regarding services, net services income remained in a deficit of Rs. 43.53 billion during the review period, compared to a deficit of Rs. 35.43 billion in the same period last year.

Under the services account, travel income rose by 5.1 percent to Rs. 41.86 billion in the review period, up from Rs. 39.82 billion in the same period of the previous year. Meanwhile, travel payments increased by 9.7 percent to Rs. 101.92 billion, including Rs. 56.83 billion for education. These payments were Rs. 92.87 billion and Rs. 58.95 billion, respectively, in the same period of the previous year, according to the central bank’s report.

 

 

 

 

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