Nepal's Remittance Inflows Breaks Records: Surges to Rs. 733.22 billion in first Six Months of FY 2080/81
As per the notice published by Nepal Rastra Bank (NRB) on February 6, 2024, Nepal’s remittance inflows break previous records in the first six months of the fiscal year 2080/81. Remittance inflows to Nepal increases by 25.3 percent to Rs. 733.22 billion in the review period compared to an increase of 24.3 percent in the same period of the previous year. In the US Dollar terms, Nepal received a total remittance of $ 5.52 billion in the first two quarter of FY 2080/81.
As a result of increase in remittance, Nepal’s Gross foreign exchange reserves increased by 18 percent to Rs. 1816.57 billion in mid-January 2024 from Rs.1539.36 billion in mid-July 2023. As in mid-January of 2024, Nepal has $ 13.69 billion in foreign exchange reserves. The rise in increase of remittance inflow to Nepal can be attributed to large number of youths fleeing abroad. The number of Nepali workers, both institutional and individual, taking first time approval for foreign employment this year stands at 207,970 and taking approval for renew entry stands at 135,435.
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