Nepal received Rs. 436.36 billion in remittances during the first two months of the current fiscal year, covering Shrawan and Bhadra 2083. Remittance inflows increased by 23.9% compared with the corresponding period of the previous fiscal year. During the same period last year, remittances had grown by 33.1%.

Monthly figures show that Nepal received Rs. 221.31 billion in remittances in Bhadra 2083 alone. In comparison, remittance inflows during Bhadra of the previous fiscal year stood at Rs. 174.67 billion.

In US dollar terms, remittance inflows increased by 13.5% during the first two months, reaching USD 2.85 billion. The growth rate in dollar-denominated remittances was 27.6% during the corresponding period of the previous fiscal year.

The data also shows continued activity in foreign employment approvals. During Shrawan and Bhadra of the current fiscal year, 78,320 people received final labour approval for foreign employment under new institutional and individual categories. An additional 52,163 people received re-entry labour approval.

In comparison, 90,198 people had received final labour approval and 45,884 had obtained re-entry approval during the first two months of the previous fiscal year.

The figures highlight the continuing importance of remittances to Nepal’s economy. Although remittance inflows have increased substantially in monetary terms, the year-on-year growth rate is lower than that recorded during the same period last year.