Remittances increase by 16.5 percent in 2023/24

KATHMANDU: Remittance inflows increased by 16.5 percent in the fiscal year 2023/24 compared to an increase of 23.2 percent in the previous year.

According to data released by Nepal Rastra Bank, the total remittance received amounted to NPR 1445.32 billion during 2023/24.

In comparison, the previous year saw a higher increase of 23.2 percent in remittance inflows.

In the US Dollar terms, remittance inflows increased 14.5 percent to 10.86 billion in the review year compared to an increase of 13.9 percent in the previous year, according to NRB.

During the review period, the number of Nepalis obtaining their final work permit (both institutional and individual-new) for foreign employment was 460,103.

Additionally, 281,199 individuals renewed their work permits.

For the same period the previous year, these numbers were 497,704 and 277,272, respectively.

Net transfers increased by 14.7 percent in the year under review, totaling NPR 1.5 trillion 71 billion 24 million.

This was a slowdown compared to the previous year, which saw a 22.5 percent increase in net transfers.