Nepal witnesses over Rs 613.25bn remittance inflows in first 5 months of current FY

KATHMANDU: The remittance inflows increased 27.6% to Rs 613.25 billion in the first five months of current fiscal year 2023/24, according to the macroeconomic and financial situation report released by Nepal Rastra Bank (NRB) on Thursday.

The remittance had increased 23.0% in the same period of the previous year.

In US Dollar terms, remittance inflows increased 24.5% to 4.62 billion in the review period compared to an increase of 13.1% in the same period of the previous year.

In the five months of current fiscal year, the number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stands at 173,555 and taking approval for renew entry stands at 104,037. In the previous fiscal years, such numbers were 236,779 and 115,948 respectively.

Net transfer increased 26.3% to Rs 669.74 billion in the review period. Such a transfer had increased 21.6% in the same period of the previous year.