Remittance Inflows Increases 19.2 Percent to Rs. 1,198 Billion

June 11, 2024 | Investopaper

Remittance inflows increased 19.2 percent to Rs.1198.6 billion in the first ten months of the current fiscal year as compared to an increase of 23.4 percent in the same period of the previous year. In the US Dollar terms, remittance inflows increased 17.1 percent to 9.02 billion in the review period compared to an increase of 13.4 percent in the same period of the previous year.

Similarly, the number of Nepali workers, both institutional and individual, taking first time approval for foreign employment stands at 374,887 and taking approval for renew entry stands at 237,893. In the previous year, such numbers were 421,279 and 238,976 respectively.

Likewise, the net transfer increased 17.2 percent to Rs.1301.72 billion in the review period. Such a transfer had increased 22.5 percent in the same period of the previous year.

Remittance Inflows In 2022/23

In the last fiscal year 2022/23, the remittance inflows had increased 21.2 percent to Rs.1220.56 billion compared to an increase of 4.8 percent in the previous year. In the US Dollar terms, remittance inflows increased 12.1 percent to 9.33 billion in the review year compared to an increase of 2.2 percent in the previous year.

Similarly, the number of Nepali workers (institutional and individual-new) taking approval for foreign employment increased 40.3 percent to 497,704 in the review year. It had increased 392.0 percent in the previous year. The number of Nepali workers (Renew entry) taking approval for foreign employment decreased 1.8 percent to 277,272 in the review year. It had increased 198.5 percent in the previous year.

Likewise, the net transfer increased 20.6 percent to Rs.1348.48 billion in the review year. Such a transfer had increased 4.3 percent in the previous year.

Remittance Inflows In 2021/22

In the fiscal year 2021/22, the remittance inflows had increased 4.8 percent to Rs.1007.31 billion as compared to 9.8 percent in the previous year. In the US Dollar terms, remittance inflows increased 2.2 percent to 8.33 billion against an increase of 8.2 percent in the previous year.

Similarly, the number of Nepali workers (institutional and individual-new and legalized) taking approval for foreign employment increased significantly to 354,660 in the fiscal year 2021/22. It had decreased 62.8 percent in the previous year. The number of Nepali workers (Renew entry) taking approval for foreign employment increased 198.5 percent to 282,453. It had decreased 46.8 percent in the previous year.

Likewise, the net transfer increased 4.3 percent to Rs.1117.88 billion in the year 2021/22. Such a transfer had increased 9.1 percent in the previous year.


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