KATHMANDU, Nov 16: Nepal has set a new record for monthly remittance inflow, with funds sent home by migrant workers surpassing Rs 200 billion for the first time in the month of Ashwin (mid-September to mid-October).
According to the latest financial report published by Nepal Rastra Bank, the country received Rs 201.22 billion in remittances in the review month, marking a 79 percent increase compared to Bhadra (mid-August to mid-September). The central bank noted that the rise was largely influenced by the festive season, during which Nepalis living abroad typically send additional money to their families.
Nepal receives monthly remittances averaging over Rs 100 billio...
In the same month last year, the remittance inflow stood at Rs 144.17 billion.
Remittance inflows for the first three months of the current fiscal year have reached Rs 553.31 billion—an increase of 35.4 percent compared to the corresponding period of the previous fiscal year, when Rs 407.31 billion had entered the country. Last fiscal year, remittances had grown by 11.9 percent year-on-year.
In U.S. dollar terms, remittances rose by 29.2 percent, amounting to USD 3.94 billion in the three-month period. The previous fiscal year had recorded a 10.6 percent rise in dollar inflows over the same duration.
Meanwhile, foreign employment figures also increased. By mid-October, 123,459 Nepalis had obtained new labour approvals (institutional and individual), while 77,257 received re-entry approvals. In the same period last fiscal year, the numbers were 110,654 and 59,939 respectively.
