Foreign Employment: Remittances Decline by 7 Percent

KATHMANDU: NOV. 16 – In the first three months of the current Fiscal Year 2078/79 Shrawan to Ashoj (July to September), the inflow of remittances decreased by 7.6 percent.

According to the data published by Nepal Rastra Bank, a remittance amount of Rs. 239.32 billion has entered the country during this period. The remittance inflow had increased by 12.7 percent in the corresponding period of the previous year.

Remittance inflows to the US dollar declined by 7.7 percent to 2.2 billion units during the period. Such inflows had increased by 7.6 percent in the corresponding period of the previous year.

During this period, the number of Nepalis seeking final labor approval (institutional and individual-new and legalized) for foreign employment has increased significantly to 66,316. Such a number had decreased by 96.8 percent in the corresponding period of the previous year.

Similarly, the number of Nepalis seeking re-employment for foreign employment increased significantly to 34,823 during the review period. Such a number had decreased by 78.6 percent in the corresponding period of the previous year.

Net transfer decreased by 8.1 percent to Rs. 263.73 billion during the review period. Such transfers had increased by 10.2 percent in the corresponding period of the previous year.