Nepal’s remittance inflows surge 19.3 pc in 11 months of current FY

KATHMANDU: Remittance inflows witnessed a rise of 19.3% to Rs 1,327.51 billion in the 11 months of the current fiscal year 2023/24, according to the macroeconomic and financial situation report released by the Nepal Rastra Bank (NRB) on Wednesday.

The remittance inflows had seen an increase of 22.7% in the same period of the previous fiscal year.

In US Dollar terms, remittance inflows rose by 17.3% to 9.98 billion in the review period, compared to an increase of 13.0% in the previous fiscal year.

The number of Nepali workers, both institutional and individual, who received first-time approval for foreign employment was recorded at 422,936, and those receiving approval for renewed entry was recorded at 262,705. In the previous fiscal year, these numbers were 459,415 and 260,262 respectively.

Net transfer increased by 17.3% to Rs 1443.06 billion in 11 months. Such a transfer had seen an increase of 21.9% in the same period of the previous year.