Banking News – Nepal received more than NPR 2.12 trillion in remittance inflows during the first 11 months of the current fiscal year, reflecting strong growth in overseas earnings, according to the latest data released by Nepal Rastra Bank.

The central bank reported that remittance inflows increased by 38.2% year-on-year to NPR 2.1208 trillion during the review period. In the corresponding period of the previous fiscal year, remittance inflows had grown by 15.6%.

In the month of Jestha (mid-May to mid-June) alone, Nepal received NPR 203.89 billion in remittances, compared to NPR 176.32 billion during the same month a year earlier.

In US dollar terms, remittance inflows rose by 29.6% to USD 14.59 billion, compared with a 12.8% increase recorded during the same period of the previous fiscal year.

According to Nepal Rastra Bank, net secondary income (net transfers) reached NPR 2.32107 trillion during the review period, up from NPR 1.66951 trillion in the corresponding period last year.

Despite the strong growth in remittance inflows, the number of Nepalis obtaining labor approvals for foreign employment declined. During the review period, 367,211 individuals received final labor approvals for new foreign employment, while 355,735 workers obtained re-entry labor approvals.

In the same period of the previous fiscal year, the number of new labor approvals stood at 452,324, while 308,067 workers received re-entry labor approvals.