Remittance inflow increases 27.1% in seven 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 per cent 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 per cent drop in remittance influx during the same period of the previous FY. Similarly, remittance inrush in USD has increased 16.4 per cent to reach USD 5.3 billion. The figure dropped 5.3 per cent during the same period in the previous FY.

Also, the number of Nepali migrant workers who received final labour permits (institutional-personal or new) for foreign jobs surged 57.3 per cent to hit 314,767.

The figure of those migrant workers who got their labour permit renewed increased by 10.1 per cent to reach a total of 167,708.

Likewise, the net transfer increased 25.2 per cent to stand at more than Rs 759 billion against a 3.7 per cent decrease during the same period in the previous FY.