Remittances up by 19.8% to Rs 1,082.62 billion

KATHMANDU: Remittance inflows surged by 19.8% to an impressive Rs 1,082.62 billion over the first nine months of fiscal year 2023/24 compared to a 24.2% growth in the same period of the previous fiscal year.

According to the Current Macroeconomic and Financial Situation Report published by the Nepal Rastra Bank (NRB) on Sunday, remittance inflows reached 8.15 billion in US dollar terms recording a robust 17.7% growth.

The number of Nepali workers seeking first-time approval for foreign employment stood at 329,422 in the review period, while 212,721 obtained re-entry approval.

The net transfer, meanwhile, increased by 17.8% to Rs 1174.50 billion, reflecting a healthy increase in financial inflows into the country. Likewise, the current account witnessed a surplus of Rs 179.48 billion, compared to a deficit of Rs 60.43 billion in the same period of the previous year. In US Dollar terms, the current account registered a surplus of 1.35 billion compared to 468.3 million in the same period of 2022/23.

Additionally, capital transfer decreased by 19.2% to Rs 4.78 billion, while net foreign direct investment (FDI) remained positive at Rs 6.48 billion.

Overall, Nepal’s Balance of Payments (BOP) remained at a surplus of Rs 365.16 billion in the nine-month period, compared to a surplus of Rs 174.28 billion in the first nine months of 2022/23. In US dollar terms, the BOP surplus stood at 2.75 billion.