Remittance inflow increases 27.1 percent in six months

NL Today

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Kathmandu: The Nepal Rastra Bank has released data for the first seven months of the current fiscal year, 2022/23, showing that the country has received remittances worth over Rs 689 billion. 

This represents a 27.1 percent increase compared to the same period in the previous fiscal year, during which there was a 4.4 percent drop in remittance inflow. The USD value of remittance inflow has also increased by 16.4 percent to reach USD 5.3 billion, a 5.3 percent decrease was recorded during the same period in the previous fiscal year. 

Additionally, the number of Nepali migrant workers receiving final labour permits for foreign jobs has increased by 57.3 percent to reach 314,767, while those with renewed labour permits increased by 10.1 percent to a total of 167,708. The net transfer has also increased by 25.2 percent to stand at over Rs 759 billion, in contrast to a 3.7 percent decrease during the same period in the previous fiscal year.