Remittance inflows rise by 4.4 pc in 5 months of current FY: NRB

KATHMANDU: Nepal Rastra Bank (NRB) has reported that remittance inflows have increased by 4.4% to Rs 640.43 billion in the first five months of the current fiscal year 2024/25. This marks a significant slowdown compared to the 24.2% increase observed during the same period of the previous fiscal year.

In US dollar terms, remittance inflows rose by 2.5% to 4.73 billion during the same five-month period, a stark contrast to the 21.1% growth recorded in the corresponding period of the previous year.

Net secondary income (net transfers) reached Rs 699.34 billion in the review period, up from Rs 669.77 billion in the previous year.

The number of Nepali workers receiving first-time approval for foreign employment stands at 190,384, while 135,425 received approval for re-entry. These figures compare to 171,975 and 102,542, respectively, in the previous year.