October 23: Inflow of remittance to Nepal has increased in the second month of the current fiscal year.

According to the Current Macroeconomic and Financial Situation Report released by Nepal Rastra Bank on Friday, remittance inflow increased by 19.8 percent to Rs 187.04 billion in the review period against a decrease of 5.8 percent in the same period of the previous year.

Economists believed that the remittance inflow increased during this period due to the onset of the festive season. The country is currently celebrating the Tihar festival for which family members working in foreign countries send money back home.

In the US Dollar terms, remittance inflow increased 11.3 percent to 1.47 billion in the review period against a decrease of 5.3 percent in the same period of the previous year.

According to the NRB report, the number of Nepali workers (institutional and individual-new) taking approval for foreign employment increased 169.9 percent to 103,898 in the review period. Likewise, the number of Nepali workers (renew entry) taking approval for foreign employment increased 70.6 percent to 39,189 in the review period. It had increased 429.5 percent in the same period of the previous year.