Remittance inflow declines by 18 percent

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NL Today

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Kathmandu: The inflow of remittances has decreased in the first month of the current Fiscal Year.

As per the details of the current fiscal year released by Nepal Rastra Bank on Thursday, the remittance inflow decreased by 18.1 percent to Rs 75.96 billion in July.

The remittance inflow had increased by 23 percent in the corresponding period of the previous year. In US dollar terms, remittance inflows declined by 17.5 percent to Rs 638.2 million. Such inflows had increased by 14.5 percent in the previous year.

During the same period, the number of Nepalis seeking final labor permits (institutional and individual-new and verification) for foreign employment has increased significantly to 13,800. The number had decreased by 99.2 percent in the corresponding period of the previous year.

Similarly, the number of Nepalis seeking re-labor permit for foreign employment increased by 286.1 percent during the review period to 11,628. The number had decreased by 80 percent in the corresponding period of the previous year.

Net transfer income decreased by 16.4 percent to Rs. 85.21 billion during the review period. Such transfers had increased by 20 percent in the corresponding period of the previous year.

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