Remittances increased by 11 percent, while the number of people going abroad decreased

KATHMANDU: Although the number of Nepali youths going for foreign employment has decreased due to COVID-19 and other reasons, the inflow of remittances has increased by 11 percent. As per the details made public by Nepal Rastra Bank, a total of Rs. 567.70 billion has been remitted in the first seven months of the current fiscal year.

According to the bank, remittance inflows increased by 10.9 percent. The remittance inflow had decreased by 0.7 percent in the corresponding period of the previous year. In US dollar terms, remittance inflows increased by 6.7 percent to Rs. 4.81 billion. Such inflows had declined by 0.5 percent in the previous year.

During the review period, the number of Nepalis seeking final employment permits (institutional and individual-new and legalized) for foreign employment decreased by 75.9 percent. Such number had increased by 21.7 percent in the corresponding period of the previous year. The number of Nepalis seeking re-employment for foreign employment decreased by 67.4 percent during the review period. Such number had decreased by 0.6 percent in the corresponding period of the previous year.

Net transfer increased by 8.8 percent to Rs. 629.83 billion during the review period. Such transfers had decreased by 1.5 percent in the corresponding period of the previous year. Similarly, net service income is at a deficit of Rs. 32.03 billion. 3.8 billion in the corresponding period of the previous year. During the review period, travel income decreased by 91.9 percent to Rs. 3.87 billion. Such income was Rs. 48.10 billion in the corresponding period of the previous year.

Travel expenditure under service account decreased by 56.7 percent to Rs. 18.85 billion during the review period. Out of this, expenditure on education is Rs. 15.58 billion. 43.49 billion in the corresponding period of the previous year. Education expenditure was Rs. 20.97 billion in the corresponding period of the previous year. – RSS