Remittance Inflow Down By 7.5%

In the first four months of the current fiscal year (FY), remittance inflows fell by 7.5% compared to the previous FY’s review period.

According to the Nepal Rastra Bank’s (NRB) Current Macroeconomic and Financial Situation report, remittances fell 7.5% to Rs. 312.42 billion in the first four months of the current fiscal year, compared to Rs. 337.72 billion in the previous fiscal year’s review period.

However, over the first four months of the current fiscal year, the volume of remittances received has gradually increased.

According to the data, in mid-September, mid-October, and mid-November, remittances increased by Rs. 79.41 billion, Rs. 83.95 billion, and Rs. 98.4 billion, respectively.

In contrast to the decrease in inflow, the number of Nepali workers seeking permission to work abroad increased dramatically to 66,316 during the review period. In the same period of the previous fiscal year, there were 19,251 requests for approval.

Similarly, the number of workers seeking authorisation to renew their entrance increased by 249.1% to 59,723 during the evaluation period.

The preceding fiscal year’s review period yielded a total of 25,931.

The data revealed that remittance inflow in the current fiscal year is lower than inflow in the previous fiscal year over the same period. In the first four months of the current fiscal year, however, the amount of remittance increased in a row.