Remittance inflow increases 27.1 percent in six months

The country has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year, 2022/23. The remittance inflow is a 27.1 percent increment as compared to the previous fiscal year, according to details of seven months of the current FY made public here today by the Nepal Rastra Bank.

There was a 4.4 percent drop in remittance influx during the same period of the previous FY. Similarly, remittance inrush in USD has increased 16.4 percent to reach USD 5.3 billion. The figure dropped 5.3 percent during the same period in the previous FY. Also, the number of Nepali migrant workers who received final labour permit (institutional-personal or new) for foreign jobs surged 57.3 percent to hit 314,767.

The figure of those migrant workers who got their labour permit renewed increased 10.1 percent to reach the total 167,708. Likewise, the net transfer increased 25.2 percent to stand at more than Rs 759 billion against a 3.7 percent decrease during the same period in the previous FY.