Remarkable Surge in Remittances

Remittances have witnessed an extraordinary upswing, surging by an impressive 30 percent in the first three months of the current fiscal year. The total remittances have reached a staggering Rs 3.65 billion, a substantial increase from the previous year’s figure of Rs 2.34 billion.

This growth far exceeds the performance of the corresponding period last year, which saw a 16.8 percent increase. In US dollars, remittances have exhibited a notable rise of 25.9 percent, totaling 2.76 billion. This starkly contrasts with the previous year’s increase of 7.9 percent, highlighting a significant acceleration in the flow of remittances.

Until mid-October, the number of Nepalese individuals securing new work permits for foreign employment, both institutional and individual, has totaled an impressive 1,13,397. Additionally, 49,297 individuals have renewed their work permits during the same period.

However, it’s worth noting that these figures represent a decrease compared to the previous year, where 1,47,932 new work permits and 57,861 renewals were recorded during the equivalent timeframe.

The surge in remittances and the fluctuations in work permit statistics are indicative of dynamic changes in the economic landscape, possibly influenced by global events and the ongoing pandemic. Analysts are closely monitoring these trends to understand the implications for the national economy and the well-being of Nepalese workers abroad.