Remittance inflow increases 4.1 percent in last six months

Kathmandu, Feb 3: Remittance inflows increased 4.1 percent to Rs.763.08 billion in the review period compared to an increase of 22.2 percent in the same period of the previous year.

Nepal Rastra Bank (NRB) stated this in its report, 'Current Macroeconomic and Financial Situation of Nepal.' The report is based on six months data ending Mid-January, 2024/25.

In the US Dollar terms, remittance inflows increased 1.1 percent to 5.58 billion in the review period compared to an increase of 19.5 percent in the same period of the previous year

Net secondary income (net transfer) reached Rs.832.76 billion in the review period compared to Rs.799.54 billion in the same period of the previous year.

The number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stands at 230,439 and taking approval for renew entry stands at 162,628. In the previous year, such numbers were 206,390 and 133,940 respectively.

Services 

Net services income remained at a deficit of Rs.43.53 billion in the review period compared to a deficit of Rs.35.43 billion in the same period of the previous year.

Under the service account, travel income increased 5.1 percent to Rs.41.86 billion in the review period which was Rs.39.82 billion in the same period of the previous year.

Under the service account, travel payments increased 9.7 percent to Rs.101.92 billion, including Rs.56.83 billion for education. Such payments were Rs.92.87 billion and Rs.58.95 billion respectively in the same period of the previous year, the Central Bank stated in its report. (RSS)