KATHMANDU: Nepal received more than Rs 1.35 trillion in remittances over the first 10 months of the current fiscal year 2024/25, according to a report released by Nepal Rastra Bank on Tuesday.
This marks a 13.2% increase compared to the same period last year, when remittance inflows had grown by 16.9%.
In the month of Baisakh (mid-April to mid-May), remittance inflows reached Rs 165.3 billion, significantly higher than Rs 115.99 billion recorded in the same month last year.
Measured in US dollars, remittances rose by 10.5% to USD 9.96 billion during the review period. Last year, remittance growth in dollar terms had stood at 14.8%. Meanwhile, net secondary income (net transfers) reached Rs 1.48 trillion, up from Rs 1.3 trillion in the same period last year.
The labor migration data also shows an upward trend. A total of 405,610 Nepalis received final labor approvals (both institutional and individual) for foreign employment during the review period, while 280,314 workers obtained renewal approvals.
These figures compare to 373,307 and 236,398, respectively, during the same period last year.
Nepal’s total foreign exchange reserves stood at Rs 2.51 trillion by the end of May, up by 23.1% from Rs 2.04 trillion at the end of July 2024.
In US dollar terms, reserves rose by 20.5%, from USD 15.27 billion to USD 18.4 billion.
Out of the total reserves, the portion held by Nepal Rastra Bank rose by 19.6% to Rs 2.21 trillion, up from Rs 1.85 trillion.
Meanwhile, foreign exchange reserves held by banks and financial institutions (excluding the central bank) increased sharply by 56.8%, reaching Rs 301.83 billion from Rs 192.55 billion.
Indian currency accounts for 21.2% of Nepal’s total foreign exchange reserves as of the end of May.
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