Remittance inflows rise by 11.5 pc in 1st quarter of current FY: NRB

KATHMANDU: Remittance inflows have increased by 11.5% to Rs 407.31 billion in the first three 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 represents a slight slowdown compared to the 25.8% increase observed during the same period of the previous fiscal year.

When measured in US dollar terms, remittance inflows amounted to $3.04 billion from mid-July to mid-October in the current fiscal year, compared to $2.76 billion during the same period last year.

Net secondary income (net transfer) reached Rs 442.44 billion in the first three months of the current fiscal year, up from Rs 404.07 billion in the same period of the previous fiscal year.

The number of Nepali workers, both institutional and individual, receiving first-time approval for foreign employment stands at 110,654, while those receiving approval for re-entry stand at 59,939.

In the previous year, these figures were 113,397 and 49,297, respectively.