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Remittance Surges by 23 Per Cent in First Five Months of Current FY

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Remittance Surges by 23 Per Cent in First Five Months of Current FY
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January 13: The money sent by Nepali migrant workers jumped by 23 per cent to Rs 400.80 billion in the first five months of the current fiscal year.

The data published by the Nepal Rastra Bank on Friday revealed that remittance inflow surged by 23 per cent in the first five months compared to the same period last year.

Remittance inflow, however, had dipped by 6.3 per cent last year compared to the same period in the previous year.

The data published by the NRB show that remittance inflow increased by 13.1 per cent to 3.71 billion in the US Dollar. Such a remittance had gone down by 6.8 per cent during the same period last year.

A worldwide outbreak of the COVI-19 pandemic had adversely affected the foreign employment for Nepali citizens, causing the remittance to shrink. 

With easing of COVID restrictions, a large number of Nepali youths have recently left the country for jobs in foreign countries 

Citing depletion in foreign currency reserve due to tumble in remittance inflow, the government had imposed ban on the import of vehicles and  luxurious goods.

 

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