Remittances declined by 1.7 percent, while acceptance of labor increased

KATHMANDU: APRIL. 12 – Remittance has declined by 1.7 percent till the end of the current Fiscal Year. Remittances totaling Rs. 631.19 billion were received during this time period.

Remittance inflows increased by 8.7 percent in the same period the previous year, according to the Nepal Rastra Bank. Remittance inflows to India fell 3.0 percent to Rs 5.28 billion in US dollars. Such inflows had increased by 5.0 percent in the previous year.

Numbers of people emigrating to work in other countries increased

The number of Nepalis seeking final labor approval (institutional and individual-new and legalized) for foreign employment increased significantly during the review period, reaching 227,900. This figure had dropped by 82.9 percent in the previous year’s corresponding period.

Similarly, the number of Nepalis seeking re-employment for foreign work increased by 240.9 percent during the review period, reaching 178,262. This figure had dropped by 70.2 percent in the previous year’s corresponding period.

During the review period, net transfer decreased by 2.0 percent to Rs. 704.33 billion. In the previous year’s corresponding period, such transfers had increased by 7.2 percent.