Nepal continues to witness substantial remittance inflows, with the latest report from the Nepal Rastra Bank (NRB) shedding light on key trends in the country’s economic landscape.
Remittance Inflows:
- Nepal received Rs. 1082.62 billion in remittances over the past nine months, indicating a significant 19.8 percent increase compared to the same period last year.
- This growth, although slightly lower than the previous year’s 24.2 percent increase, underscores the continued importance of remittances to Nepal’s economy.
US Dollar Remittance Inflows:
- In terms of US Dollars, remittance inflows amounted to $8.15 billion during the review period, marking a substantial 17.7 percent increase compared to the previous year’s figure.
- Despite global economic uncertainties, remittance inflows to Nepal remain resilient, contributing to the country’s foreign exchange reserves and household incomes.
Foreign Employment Statistics:
- During the same period, 329,422 Nepali workers received first-time approval for foreign employment, while 212,721 obtained approval for re-entry.
- While these figures indicate a slight decrease compared to the previous year, they highlight the ongoing significance of foreign employment for Nepali workers and their families.
Net Transfers:
- Net transfers surged by 17.8 percent to reach Rs. 1174.50 billion during the review period, albeit at a slower pace compared to the previous year’s growth of 22.8 percent.
- Despite the moderation in growth, net transfers continue to play a vital role in supporting household incomes and contributing to economic stability.
The latest report underscores the resilience of Nepal’s remittance inflows and foreign employment sector amidst global economic challenges, highlighting their crucial role in sustaining the country’s economy.
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