Image for Representation.
KATHMANDU: The 2079/80 financial year marked a milestone in Nepal as the average monthly remittance crossed the Rs 100 billion mark.
According to annual data released by the Nepal Rastra Bank on Friday, remittances totaling Rs 1,220 billion reached Nepal till the end of June. This represents an impressive increase of 21.2 per cent compared to the previous year.
The current year saw an unprecedented increase in the number of individuals applying for overseas employment opportunities. As a result, the number of Nepali migrants repatriating through formal channels has increased dramatically.
In the U.S. dollar, remittances rose 12.1 percent, to 9.33 billion. In contrast, last year’s growth was 2.2 percent.
Last year, 497,704 individuals received final work permits, and 277,272 renewed their work permits.
Notably, the number of new professional licenses issued this year has increased by 40.3 percent compared to last year. However, the number of individuals reapplying for work permits is down by 1.8 percent.