The country’s remittance earnings grew 24.2 percent to Rs 903.39 billion during mid-July and mid-April

KATHMANDU, May 11: Nepal received remittance worth Rs 109.07 billion just in one month between mid-March and mid-April.

The ‘Current Macroeconomic and Financial Situation Report of Nepal’ unveiled by Nepal Rastra Bank (NRB) on Wednesday shows that the remittance earnings of the country increased by a notable amount in the first nine months of the current fiscal year. During the review period, the total remittance earnings stood at Rs 903.39 billion.

The country that once felt the heat of the heavy downfall in the foreign currency reserves has started regaining cushion mainly with a significant rise in the remittance inflows. The NRB records show that the country’s remittance amounts are worth more than Rs 100 billion every month as of the third-quarter of the fiscal year 2022/23.

In the review period, remittance inflows registered a growth of 24.2 percent compared to a decline of 0.2 percent in the same period of the fiscal year 2021/22. In the US Dollar terms, remittance inflows increased 13.9 percent to $ 6.92 billion, while the growth rate of remittance earnings was a negative of 1.8 percent in the corresponding period last year.

Meanwhile, the outbound Nepali workers increased almost three-folds. The central bank’s records show that a total of 387,839 Nepali workers took new approval for foreign employment, which was 51.5 percent more compared to the figure during mid-July and mid-April last year.

In addition, 217,959 individuals renewed their work permits for foreign employment. The figure was 5.5 percent more in the review period. This shows that an average of 2,244 individuals left the country for foreign employment daily. 

 
• Nepal
 
• remittance
 
• foreign_currency_reserves