Himal Press 
KATHMANDU: Remittance inflows to Nepal reached Rs 1,051.77 billion over the first eight months of the fiscal year 2024/25, marking a year-on-year increase of 9.4%, according to the Nepal Rastra Bank’s latest Current Macroeconomic and Financial Situation report published on Wednesday.
In US dollar terms, remittances grew by 6.9% to $7.74 billion, although the growth rate slowed compared to the 18.3% rise recorded in the same period of the previous fiscal year.
A total of 317,068 individuals received first-time approvals for foreign employment during the review period, while 217,403 workers renewed their labor permits. These figures are up from 285,352 and 182,783, respectively, in the corresponding period fiscal year.
The current account remained at a surplus of Rs 180.08 billion, slightly higher than last year’s Rs billion. Foreign direct investment (equity only) also rose to Rs 8.49 billion from Rs 5.63 billion.
According to the report, balance of payments (BoP) continued to remain in positive territory, although the surplus narrowed to Rs 310.37 billion compared to Rs 327.55 billion in the same period of the previous fiscal year.
Gross foreign exchange reserves expanded by 18% to Rs 2,409.25 billion as of mid-March 2025. In US dollar terms, the reserves reached $17.27 billion in mid-March up from $15.27 billion in mid-July 2024.
Based on the imports of eight months of 2024/25, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 17.2 months, and merchandise and services imports of 14.3 months, the central bank said in its monthly report.
