KATHMANDU: Remittances flow to Nepal increased by 21% to Rs 961.22 billion in the first eight months of the fiscal year 2023/24, compared to a 25.3% growth in the same period of the previous fiscal year.
According to the Macroeconomic Situation Report for the first eight months of 2023/24 released by the Nepal Rastra Bank (NRB) on Thursday, remittance inflows in US dollar terms climbed by 18.8%, reaching 7.24 billion during the review period, as compared to a 14.8% increase in the corresponding period of the previous year.
The number of Nepali workers heading to foreign job destinations declined slightly in the review period. According to the NRB, 286,932 Nepali workers obtained first-time approval for foreign employment, while 184,278 received approval for re-entry during the eight months. In the same period of the previous fiscal year, 351,761 individuals secured approval for first-time employment and 192,559 for re-entry.
According to the report, net transfers increased by 18.9% to Rs 1,041.96 billion during the review period which is slightly lower than the 23.9% increase witnessed in the same period of the previous fiscal year.
Himal Press
04 Apr 2024
