KATHMANDU, July 14: Remittance inflows to Nepal surged by 38.2 percent in the first 11 months of the current fiscal year, reaching a record Rs 2.1208 trillion by mid-June, according to the Nepal Rastra Bank (NRB).
The latest Current Macroeconomic and Financial Situation of Nepal Report, released by the central bank on Monday, shows that remittances continue to be one of the country's strongest sources of foreign exchange earnings.
Remittances worth Rs 521.63 billion flow into the country
In the month of Jestha (mid-May to mid-June) alone, Nepal received Rs 203.89 billion in remittances, up from Rs 176.32 billion during the same period of the previous fiscal year.
The report also shows that net secondary income (net transfers) increased to Rs 2.321 trillion, compared to Rs 1.6695 trillion during the corresponding period last fiscal year.
According to the NRB, 367,211 Nepalis obtained new final labor approvals—both institutional and individual—for foreign employment during the review period, while 355,735 migrant workers renewed their labor permits.
