Remittance inflows up by 22.7 percent in current fiscal

KATHMANDU: Country received remittance of Rs 1 trillion 112 billion and 52 million in the first eleven months of the current fiscal year.

Nepal Rastra Bank (NRB) presented this data in the Current Macroeconomic and Financial Situation based on the eleven months of the fiscal year 2022-23 (July 17, 2022- July 16, 2023).

The Central Bank said remittance inflows increased by 22.7 percent to reach Rs 1112.52 billion in the review period compared to an increase of 4.1 percent in the same period of the previous year.

In the US Dollar terms, remittance inflows increased 13.0 percent to 8.51 billion in the review period compared to an increase of 1.8 percent in the same period of the previous year.

Similarly, the number of Nepali workers (institutional and individual-new) obtaining approval for foreign employment increased by 46.6 percent and reached 459,415 in the review period.

The number of Nepali workers (Renew entry) taking approval for foreign employment increased 0.5 percent to 260,262 in the review period.

It had increased 208.3 percent in the same period of the previous year.

The data shows that in this period, net transfer soared by 21.9 percent to reach Rs.1229.82 billion. Such a transfer had increased 3.8 percent in the same period of the previous year.