Remittance inflows up by 26.4% to Rs 477.96 billion in four months

KATHMANDU: Remittance inflows recorded a substantial 26.4% increase, reaching Rs.477.96 billion, in the first four months of fiscal year 2023/24. This is a growth of 204% compared to the same period of the previous fiscal year, according to the Current Macroeconomic Situation Report unveiled by the Nepal Rastra Bank (NRB) on Thursday.

In US Dollar terms, remittance inflows saw a remarkable uptick of 23.1%, totaling 3.60 billion, during the review period, showcasing a positive trajectory for the nation’s financial outlook.

While the number of Nepali workers seeking first-time approval for foreign employment saw a decline to 137,475, compared to 196,735 in the previous year, the renewal approvals increased to 68,841 from 87,428.

The substantial net transfer increase of 24.9% to Rs.521.40 billion further underscores the positive impact of remittances on Nepal’s financial landscape, providing a cushion against external uncertainties.