Nepal's Remittance Inflows Surge by 37.7 Percent in First Eight Months of FY 2082/83

Kathmandu. Nepal has witnessed a significant improvement in remittance inflows during the first eight months of the current fiscal year 2082/83. According to data released by the Nepal Rastra Bank up to the end of Falgun, remittance inflows increased by 37.7 percent, reaching 1.449 trillion 650 million rupees. 

In the same period of the previous year, remittance inflows had increased by only 9.5 percent. In the month of Falgun 2082 alone, 188 billion 640 million rupees in remittances entered Nepal. In the month of Falgun of the previous year, 151 billion 190 million rupees had been received. 

Data from the central bank shows that when calculated in US dollars, remittance inflows increased by 31 percent to reach 10.15 billion. In the previous year, such inflows in dollars had increased by 71 percent. During the review period, net secondary income (net transfers) also increased to 1.591 trillion 660 million rupees, compared to 1.149 trillion 300 million rupees in the previous year.

Meanwhile, there has been some change in the number of Nepalis going for foreign employment. During the review period, the number of Nepalis taking new labor permits (institutional and individual) for foreign employment stood at 273,536. In the same period of the previous year, this number was 317,068. 

On the other hand, the number of Nepalis taking renewed labor permits has increased. While 217,403 people took renewed labor permits in the first eight months of the previous year, 251,985 people have taken such permits in the same period this year.