Remittances sent to Nepal have set a record, experiencing a 26% growth.

In the first month of the current fiscal year (2079/80), there has been a remittance inflow of NPR 1 Kharab 16 Arba.

According to the data published by the Economic Research Department of the Nepal Rastra Bank in the current economic report for the first month, remittances have increased by 25.8% compared to the same month last year, which was Saun of the previous fiscal year 2079/80 when remittances amounted to NPR 92 Arba 21 Crore. Remittances received in Saun have been the highest in any month so far.

Nepal Rastra Bank reports that in Saun, remittances equivalent to USD 879.8 million have been received. In terms of dollars, remittances have increased by 21.5% compared to the same period last fiscal year. Even when converting to Nepalese Rupees, there has been a significant growth in remittances.

Before this, in Falgun of 2079, remittances had reached NPR 190 Arba. Due to the COVID-19 pandemic and the associated lockdowns, remittances had dropped to NPR 100 Arba in the first month of Ashar in 2077 for the first time. Since then, remittances have continuously increased by more than NPR 100 Arba for the last 9 months.

The increase in the number of Nepalese going for foreign employment in the last two fiscal years after COVID-19 has had an impact on remittances. However, in the first month of the current fiscal year, there has been a decrease in the number of Nepalese going for foreign employment.

Nepal Rastra Bank has stated that there are 39,152 Nepalese workers who have received final labor approval (institutional and personal-new) for foreign employment in Saun. This is a decrease of 12.1% compared to the same month last fiscal year.

There has also been a 19.5% decrease in the number of Nepalese workers applying for re-approval for foreign employment in Saun. In Saun, 16,423 individuals have applied for re-approval for foreign employment.