Nepal received 6.3 percent less remittance during mid-July and mid-September of current FY

KATHMANDU, Oct 25: Nepal’s earnings from remittance declined by 6.3 percent to Rs 155.37 billion during the first two months of the current fiscal year. In the review period last year, remittance inflows increased by 8.1 percent, according to Nepal Rastra Bank (NRB).

The two months’ report entitled ‘Current Macroeconomic and Financial Situation of Nepal’ unveiled by the NRB on Monday shows the country’s receipt from remittance declined despite a notable rise in the outbound workers. 

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During mid-July and mid-September this year, the number of Nepali workers (institutional and individual-new and legalized) taking approval for foreign employment stood at 38,492. It had decreased 99.2 percent in the same period last year.

Similarly, the number of Nepali workers (Renew entry) taking approval for foreign employment increased significantly to 22,976 compared to a decline of 86.5 percent in the review period of 2020/21.