KATHMANDU: According to the latest report from the Nepal Rastra Bank (NRB), Nepal has received remittances totaling Rs. 1082.62 billion over the past nine months, marking a significant 19.8 percent increase compared to the same period in the previous year. While this growth is notable, it is slightly lower than the 24.2 percent increase observed in the previous year.
In terms of US Dollars, remittance inflows amounted to $8.15 billion during the review period, reflecting a 17.7 percent increase compared to the previous year. Despite the growth, this marks a slightly slower pace of increase compared to the 13.9 percent observed in the previous year. The report also indicates that during this period, a total of 329,422 Nepali workers received first-time approval for foreign employment, while 212,721 obtained approval for re-entry, representing a slight decrease from the figures recorded in the previous year.
Furthermore, net transfers surged by 17.8 percent during the review period, reaching Rs. 1174.50 billion. This increase, while significant, occurred at a slower pace compared to the previous year, which saw a 22.8 percent surge in net transfers during the same period. Overall, the report sheds light on the continued significance of remittances to Nepal's economy, albeit with a slight moderation in growth compared to previous years.
