Nepal receives 1.33 trillion rupees in remittances in 11 months

KATHMANDU: In the first 11 months of the current fiscal year, Nepal received 1.33 trillion rupees in remittances.

According to the latest economic and financial report released by the Nepal Rastra Bank (NRB), remittances increased by 22.7 percent compared to the same period last year.

The bank’s data shows that remittances in US dollars rose by 17.3 percent, reaching 9.98 billion dollars.

The previous year saw a 13.0 percent increase in remittance inflows during the same period, as per the bank’s report.

During the review period, the number of Nepalis receiving final labor approval for foreign employment (both institutional and individual – new) was 422,936, while the number of those renewing their labor approval was 262,705, according to the bank.

In the same period last year, these figures were 459,415 and 260,262, respectively.

The net transfer in the 11 months increased by 17.3 percent, amounting to 1.44 trillion rupees.

The previous year saw a 21.9 percent increase in net transfers during the same period, as reported by the bank.