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Inflow of Remittance Declines by 7.5 Percent: Central Bank

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Inflow of Remittance Declines by 7.5 Percent: Central Bank
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December 16: Inflow of remittance into Nepal has declined in the fourth month of the current fiscal year compared to the corresponding period of last fiscal year.

According to Nepal Rastra Bank (NRB), the inflow of remittance decreased 7.5 percent to Rs 312.42 billion in the review period against an increase of 11.2 percent in the same period of the previous year. In the US dollar terms, remittance inflows decreased 7.8 percent to 2.63 billion in the review period against an increase of 6.4 percent in the same period of the previous year, shows the Current Marcoeconomic and Financial Situation Report published by NRB on Wednesday, December 15.

According to the report, the number of Nepali migrant workers taking approval for foreign employment increased significantly to 96,382 during the review period. It had decreased 95.7 percent in the same period of the previous year owing to the Covid-19 pandemic.

 The number of Nepali migrant workers (renew entry) taking approval for foreign employment increased 249.1 percent to 59,723 in the review period. It had decreased 78.9 percent in the same period of the previous year, the NRB report further stated.

Similarly, the net transfer decreased 7.4 percent to Rs 345.65 billion in the review period. Such a transfer had increased 8.9 percent in the same period of the previous year.

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