Remittance inflows increase by 7.3 pc in 7 months of current FY: NRB

KATHMANDU: Remittance inflows increased by 7.3% to Rs 900.58 billion in seven months of current fiscal year 2024/25, compared to an increase of 18.8% in the same period of the previous fiscal year, according to the latest macroeconomic and financial situation report released by Nepal Rastra Bank (NRB) on Monday.

In US Dollar terms, remittance inflows increased by 5.3% to 6.65 billion in seven months, compared to an increase of 16.4% in the same period of the previous year.

Net secondary income (net transfer) reached Rs 985.17 billion till mid-February of the current fiscal year, compared to Rs 910.77 billion in the same period of the previous year.

The number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stands at 274,622, while those taking approval for re-entry stands at 190,886. In the previous year, these numbers were 245,432 and 157,045, respectively.