Nepal achieves record remittance inflow during current fiscal year

KATHMANDU: Nepal has reached an all-time high in remittance inflow, marking a significant milestone. The latest data presented by the Nepal Rastra Bank (NRB) in the Current Macroeconomic and Financial Situation report reveals the highest remittance inflow recorded during the 11 months of the current fiscal year.

In the fiscal year 2022-23 (July 17, 2022, to July 16, 2023), Nepal received a staggering remittance amount. Breaking the previous record of one trillion rupees, the country has received Rs 1.112 trillion in remittance during the 11-month period, as reported in the economic and financial situation update by the NRB on Monday.

The NRB reports a notable increase of 22.7 percent in remittance inflow compared to the same period last year, which saw a growth of 4.1 percent. Remittance inflows in US dollars have also surged by 13.0 percent, reaching a total of USD 8.51 billion. In contrast, the growth rate was 1.8 percent in the previous year.

Furthermore, the report highlights a substantial rise in the number of Nepalis acquiring final work permits for foreign employment, both institutionally and individually. During the review period, the figure increased by 46.6 percent, reaching 459,415 permits.

Additionally, the number of Nepalis renewing labor permits for foreign employment witnessed a slight increase of 0.5 percent, totaling 260,262 permits. This indicates a significant growth of 208.3 percent compared to the same period last year.