Remittance inflows in Nepal surged to an impressive Rs 165.30 billion in a single month, marking a new milestone according to data from the Nepal Rastra Bank. This record was achieved in Baisakh, which spans from mid-April to mid-May.
This month’s remittance inflow is the highest ever recorded in Nepal. So far, the total remittance received in the first 10 months of the Fiscal Year 2024/25 has reached approximately Rs 1356 billion, reflecting a 13.2 percent increase compared to the same period last fiscal year. For context, the growth rate for remittances during this timeframe last year was 16.9 percent. In a related development, 414 foreign nationals were granted work permits in Nepal over the past five months.
Notably, remittances in Baisakh saw a significant rise of 42.51 percent compared to Chaitra (mid-March to mid-April), where the inflow was Rs 115.99 billion. Last year, during Baisakh, the remittance inflow was also Rs 115.99 billion. When assessed in US dollar terms, the remittance influx rose by 10.5 percent, totaling USD 9.96 billion, in contrast to a 14.8 percent growth during the previous year. Furthermore, a total of 685,924 youths have sought foreign employment in the first ten months of this fiscal year.
Among them, 405,610 youths have received final labor approvals, while 280,314 have secured re-approvals to work abroad. Compared to the same period last year, the number of youths going abroad has increased by 76,219. Last year, the figure stood at 609,705 youths seeking employment overseas. With a 12.5 percent rise in the youth workforce going abroad, the increase in remittance inflow aligns closely with the 13.2 percent growth this year.
