In first two month of FY 2023/24, Nepal received Rs 228 billion in remittances

Published On: October 17, 2023 04:30 PM NPT By: Republica | @RepublicaNepal

KATHMANDU, Oct 17: In the first two months of the current fiscal year (FY) 2023/24, Nepal has received Rs 228 billion in remittances.

This is 22.1 percent more than that in the same period of the previous fiscal year. Remittances increased by 19.8 percent in the first two months of the previous year and increased further this year.

In terms of US dollars, the remittance flow saw a 17.7 percent increase, totaling 1.73 billion dollars. According to the Nepal Rastra Bank, this marks an 11.3 percent increase compared to the previous year.

During the review period, the number of Nepalis going for foreign employment has dropped drastically.

In the Nepali months of Shrawan (mid-July to mid-August) and Bhadra (mid-August to mid-September), the number of newly issued work permits for both institutions and individuals was 74,455 people. Additionally, 32,004 individuals were approved for work permits, reflecting reductions of 28.3 and 18.3 percent, respectively, compared to the same period of the previous year.