Nepal Receives Rs 763 Billion in Remittances in Six Months

Nepal received Rs 763.08 billion in remittances during the first six months of the current fiscal year, according to the mid-term review report released by the Ministry of Finance on Thursday.

The ministry reported that remittance inflows increased by 4.1 percent compared to the same period last year. However, this growth rate is significantly lower than the 22.2 percent increase recorded in the corresponding period of the previous fiscal year. Similarly, net secondary income, or net transfer, reached Rs 832.76 billion, marking a 4.2 percent rise, which is a sharp decline from the 21.1 percent growth observed last year.

The report also highlighted an increase in labor migration, with 230,439 Nepalis receiving first-time approval for foreign employment, an 11.7 percent rise from the previous year. Additionally, 162,628 individuals renewed their work permits, reflecting a 21.4 percent increase.

Despite the moderate growth in remittance inflows, Nepal’s balance of payments remained in surplus, standing at Rs 249.26 billion in the review period. This is slightly lower than the Rs 273.52 billion surplus recorded in the same period last fiscal year.