KATHMANDU: In the first four months of the current year (up to November), remittances witnessed a substantial surge, reaching a staggering Rs 4.78 trillion, reflecting a remarkable growth of 26.4%.

This uptick surpassed the 20.4% increase observed during the same period in the previous year.

Breaking down the figures, remittances in US dollars experienced a commendable rise of 23.1%, amounting to Rs 3.6 billion.

In contrast, the corresponding increase for the same period last year stood at 10.8%.

Looking at the labor migration scenario, as of October, the number of Nepalis obtaining new work permits—both institutional and individual—reached 137,475, with 68,841 individuals renewing their work permits.

A comparison with the previous year’s statistics reveals a decrease from 196,735 to 137,475 for new permits and from 87,428 to 68,841 for renewals, respectively.

Moreover, the net transfer during this period witnessed a robust growth of 24.9%, totaling 521 billion 40 million.

This surge surpasses the 20.2% increase observed in the corresponding period of the previous year, showcasing a positive trend in global remittances and financial transfers.