Remittance inflow surges 41.2pc to Rs 1.92 trillion in 10 months

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Remittance inflows to Nepal rose sharply by 41.2 percent in the first 10 months of the current fiscal year, reaching Rs 1.92 trillion, according to the latest data from Nepal Rastra Bank (NRB).  The growth is significantly higher than the 13.3% increase during the same time frame of the previous fiscal year. Remittance inflows increased from Rs 165.30 billion in the same month last year to Rs 257.49 billion in Baisakh (mid-April to mid-May) according to the NRB's Current Macroeconomic and Financial Situation report.

 In US dollar terms, remittance earnings increased by 33 percent to $13.26 billion during the review period, compared to a 10.6 percent growth a year earlier.  The report also shows net secondary income, largely driven by remittances, climbed to Rs 2.09 trillion from Rs 1.48 trillion in the same period last fiscal year.  Meanwhile, 335,510 Nepalis obtained first-time labor permits for foreign employment during the 10-month period, while 326,364 received approvals for re-entry.  In the corresponding period last year, the figures stood at 405,610 and 280,314, respectively.

Written By

Binod Kumar Simkhada


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