Nepal has registered a historic milestone in remittance inflows, with money sent home by migrant workers surpassing Rs 200 billion in a single month for the first time.
According to Nepal Rastra Bank’s latest financial report, the country received Rs 201.22 billion in remittances during Ashwin (mid-September to mid-October), reflecting a remarkable 79 percent increase from Rs 112.32 billion recorded in Bhadra (mid-August to mid-September). The surge is attributed primarily to the festive season, when Nepalis abroad traditionally remit higher amounts to support household expenses and celebrations back home.
In the same month last year, remittances stood at Rs 144.17 billion.
Remittance inflows for the first three months of the current fiscal year have reached Rs 553.31 billion, up 35.4 percent from Rs 407.31 billion during the same period of the previous fiscal year. Last year, remittances had grown by 11.9 percent year-on-year.
In U.S. dollar terms, remittance inflows increased 29.2 percent to USD 3.94 billion over the three-month period. During the corresponding period last fiscal year, inflows had grown by 10.6 percent.
Meanwhile, foreign employment outflow also continued to rise. By mid-October, 123,459 Nepalis received new labour approvals (institutional and individual), while 77,257 obtained re-entry permits. During the same period last year, foreign labour approvals totaled 110,654, with 59,939 re-entries.
