Remittances Decline by 7 Percent

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In the first three months of the current Fiscal Year 2078/79 Shrawan to Ashoj (from July to September), the inflow of remittances declined by 7.6 percent compared to the same period the previous year.

Data issued by Nepal Rastra Bank shows that a of Rs. 239.32 billion in remittances has reached the country during this time frame, according to the bank. According to the World Bank, remittances into the country climbed by 12.7 percent compared to the same period last year.

During the period under review, inflows into the United States dollar fell by 7.7 percent to 2.2 billion units. In the same period the previous year, such inflows had climbed by 7.6 percent, compared to the prior year.

Nepalis seeking final labor approval (institutional and individual-new and legalized) for foreign employment has climbed dramatically throughout this period, reaching 66,316 in total. In comparison to the same period the previous year, this figure had plummeted by 96.8 percent.

Furthermore, the number of Nepalis seeking re-employment in order to pursue abroad employment climbed dramatically throughout the review period, reaching 34,823. In comparison to the same period the previous year, this figure had plummeted by 78.6 percent.

During the review period, net transfer declined by 8.1 percent to Rs. 263.73 billion, representing a fall of 8.1 percent. Transfers of this nature had grown by 10.2 percent over the same time the previous year.

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