Remittance inflows rise by 21.6 pc in 7 months of current FY: NRB

KATHMANDU: Remittance inflows have witnessed a rise of 21.6% to Rs 839 billion in the first seven months of the current fiscal year 2023/24, according to the macroeconomic and financial situation report released by the Nepal Rastra Bank (NRB) on Sunday. This is a slight slowdown compared to the 27.1% increase observed in the same period of the previous year.

When measured in US Dollar terms, remittance inflows have grown by 19.1% to Rs 6.31 billion from mid-July to mid-February in the current fiscal year, outpacing the 16.4% increase seen in the same period of the previous fiscal year.

Over the course of seven months, number of Nepali workers, both institutional and individual, who received first-time approval for foreign employment reached 247,012, while those receiving approval for renewed entry stood at 158,540. These figures represent a decrease from the previous year, which saw 314,767 and 167,708 approvals respectively.

Net transfers also witnessed an increase, rising by 20.0% to Rs 910.74 billion during the review period. This is a slight decrease from the 25.2% increase seen in the same period of the previous year.