Remmitance inflow surges by over 21 percent

KATHMANDU, MARCH 11: Nepal received Rs 839 billion in remittances in the first seven months of the current fiscal 2023/24. This amount is 21.6 percent more compared to the corresponding period last year, according to the Current Macroeconomic and Financial Situation Report of Nepal based on seven months’ data released by the central bank yesterday.

The inflow of money sent by Nepalis working abroad increased 19.1 percent to 6.31 billion in terms of the US dollar billion in the review period compared to an increase of 16.4 percent in the same period last year.

In the review period, the number of Nepali workers, both institutional and individuals, taking first-time approval for foreign employment stood at 247,012 and those getting approval for renewed entry numbered 158,540. In the corresponding period last year, such numbers were 314,767 and 167,708 respectively.

According to the NRB, net transfer increased 20.0 percent to Rs 910.74 billion in the review period. Such a transfer had increased 25.2 percent in the corresponding period last year/