KATHMANDU: Remittance inflows to Nepal totaled NPR 1445.32 billion in the fiscal year 2023–2024, an increase of 16.5 percent over the 23.2 percent growth recorded the year before. Inflows rose by 14.5 percent to $10.86 billion in US dollars, according to data from Nepal Rastra Bank (NRB). This gain was just slightly greater than the 13.9 percent increase in the prior year.
There were 460,103 Nepalis who were granted work permits for international employment in 2023–2024, a reduction from 497,704 the year before. But 281,199 people renewed their work permits, a little more than the 277,272 renewals that were registered the year before. This illustrates a fluctuating pattern in employment activity abroad across the review period.
In line with the previous fiscal year's stronger rise of 22.5 percent, net transfers also suffered a decrease, rising by 14.7 percent to NPR 1.5 trillion 71 billion 24 million. Remittance inflows are still a major factor in Nepal's economy, even with the slower growth.
