Attractive increase in remittances in Nepal, 1 trillion 87 billion remittances were received in two months
Remittances to Nepal have grown significantly in the second month of the current fiscal year. As of Bhadra, 1 trillion 87 billion 40 million remittances had been received, according to the Nepal Rastra Bank statistics. The amount of remittances received is 19.8% greater than during the same period in the previous fiscal year.
Inflows of remittances to Nepal decreased by 5.8% during the same time last year.
Even with the recent increase in the dollar value, remittances have grown a little. However, the rise in the dollar’s value alone did not boost remittances. According to data from the Central Bank of Nepal, the number of remittances received in US dollars increased by 11.3% to Rs. 1.47 billion.
The number of Nepalis who obtained a final work permit (institutional and individual-new) during the review period grew by 169.9% to 103 000 898. Similarly, the number of Nepalis who applied for labor permits once more for work abroad rose by 70.6 percent to 39 000 189 during the evaluation period. In this way, the number of persons seeking employment abroad increased, and so have remittances.
Net transfer grew by 19.5% to 2 trillion 06 billion 460 million during the study period. These transfers fell by 6.0 percent compared to last year last year.