Remittance inflows rise by 21.0 pc in 8 months of current FY: NRB

KATHMANDU: Remittance inflows have witnessed a rise of 21.0% to Rs 961.22 billion in the first eight months of the current fiscal year 2023/24, according to the macroeconomic and financial situation report released by the Nepal Rastra Bank (NRB) on Thursday. This is a slight slowdown compared to the 25.3% increase observed in the same period of the previous year.

When measured in US Dollar terms, remittance inflows have grown by 18.8% to Rs 7.24 billion from mid-July to mid-March in the current fiscal year, outpacing the 14.8% increase seen in the same period of the previous fiscal year.

Over the course of eight months, number of Nepali workers, both institutional and individual, who received first-time approval for foreign employment reached 286,932, while those receiving approval for renewed entry stood at 184,278. These figures represent a decrease from the previous year, which saw 351,761 and 192,559 approvals respectively.

Net transfers also witnessed an increase, rising by 18.9% to Rs 1041.96 billion during the review period. This is a slight decrease from the 23.9% increase seen in the same period of the previous year.