During the period between mid-July and mid-September of the current fiscal year, Nepal got 6.3 percent less remittances.
During the first two months of the current fiscal year, Nepal’s remittance earnings fell by 6.3 percent to Rs 155.37 billion, representing a decrease of 6.3 percent from the previous year. According to the Nepal Rastra Bank, remittance inflows climbed by 8.1 percent during the review period last year compared to the previous year (NRB).
The Nepal Rastra Bank (NRB) released a two-month report on Monday titled “Current Macroeconomic and Financial Situation of Nepal,” which shows that the country’s remittance receipts have decreased despite a significant increase in the number of outgoing employees.
This year, the number of Nepali workers (institutional and individual, new and legalized) who received authorisation for foreign employment reached 38,492 between the middle of July and the middle of September. It had dropped by 99.2 percent during the same period the previous year.
A similar increase in the number of Nepali employees (Renew entry) who received approval for foreign employment climbed dramatically to 22,976 from a decrease of 86.5 percent during the review period of 2020/21.