Remittance inflows increase 4.1 percent in last six months

Remittance inflows increased 4.1 percent to Rs 763.08 billion in the review period compared to an increase of 22.2 percent in the same period of the previous year.

Nepal Rastra Bank (NRB) stated this in its report, 'Current Macroeconomic and Financial Situation of Nepal.' The report is based on six months data ending Mid-January, 2024/25.

In the US Dollar terms, remittance inflows increased 1.1 percent to Rs 5.58 billion in the review period compared to an increase of 19.5 percent in the same period of the previous year.

Net secondary income (net transfer) reached Rs 832.76 billion in the review period compared to Rs.799.54 billion in the same period of the previous year.

The number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stands at 230,439 and taking approval for renew entry stands at 162,628. In the previous year, such numbers were 206,390 and 133,940 respectively.

Meanwhile, Net services income remained at a deficit of Rs 43.53 billion in the review period compared to a deficit of Rs.35.43 billion in the same period of the previous year.

Under the service account, travel income increased 5.1 percent to Rs 41.86 billion in the review period which was Rs 39.82 billion in the same period of the previous year.

Under the service account, travel payments increased 9.7 percent to Rs 101.92 billion, including Rs 56.83 billion for education.

Such payments were Rs 92.87 billion and Rs 58.95 billion respectively in the same period of the previous year, the central bank stated in its report.