Remittance inflows rise by 15.2 pc in 2 months of current FY: NRB

KATHMANDU: Remittance inflows have risen by 15.2% to Rs 263.14 billion in the first two months of the current fiscal year 2024/25, according to the macroeconomic and financial situation report released by the Nepal Rastra Bank (NRB) on Tuesday. This marks a slight slowdown compared to the 18.7% increase observed in the same period of the previous year.

When measured in US Dollar terms, remittance inflows reached 1.96 billion from mid-July to mid-September in the current fiscal year, compared to 1.73 billion during the same period last year.

In the past two months, the number of Nepali workers, both institutional and individual, receiving first-time approval for foreign employment totalled 76,485, while those receiving approval for renewed entry stood at 40,583. These figures represent a decrease from the previous year, which saw 74,455 and 32,004 approvals, respectively.

Net secondary income (net transfer) reached Rs 286.45 billion in the review period, compared to Rs 251.65 billion in the same period of the previous year.