March 12: Nepal has witnessed the inflow of remittance worth over Rs 689 billion in seven months of the current fiscal year, 2022/23. 

The remittance influx witnessed a 27.1 percent rise compared to the previous fiscal year, according to details of seven months of the current FY made public by the Nepal Rastra Bank on Sunday.

There was a 4.4 percent drop in the remittance influx during the same period of the previous fiscal year. Similarly, remittance inrush in USD has increased by 16.4 percent and reached USD 5.3 billion. The figure dropped 5.3 percent during the same period in the previous fiscal year.

Similarly, the number of Nepali migrant workers employed in the foreign countries by receiving final labour agreement (both new institutional and individual) surged by 57.3 percent. In the seven months of the current fiscal year, as many as 3, 14,767 migrant workers received the final labour agreement for the foreign jobs. 

The figure of migrant workers who got their labour permit renewed increased by 10.1 percent to reach the total 167,708. Likewise, the net transfer increased by 25.2 percent to stand at more than Rs 759 billion in the review period. Such a transfer had dropped a 3.7 percent during the same period of  the previous fiscal year. (with inputs from RSS)