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Nepal received over Rs 1,191 billion in remittance inflows over the past nine months, marking a 10 percent increase compared to the same period last fiscal year, according to a report released by Nepal Rastra Bank (NRB).
The report, titled Macroeconomic and Financial Situation of Nepal (Based on Nine Months Data Ending Mid-April 2024/25), states that total remittances reached Rs 1,191.31 billion during the review period. In U.S. dollar terms, the remittance inflow rose by 7.3 percent, totaling USD 8.74 billion.
Although this year’s remittance growth rate is positive, it is lower than the 17.2 percent increase recorded during the same period last fiscal year in Nepali rupee terms, and 15.2 percent in dollar terms.
The report also highlighted that net secondary income, which includes remittances and other personal transfers, reached Rs 1,301.94 billion, compared to Rs 1,174.54 billion in the same period of the previous fiscal year.
In terms of labor migration, the number of Nepali workers obtaining first-time approvals for foreign employment stood at 358,222, while 249,652 individuals received approval for re-entry. These figures represent an increase from last year’s 327,842 first-time approvals and 211,226 re-entry approvals, reflecting a continued rise in Nepalis seeking employment abroad.
Remittances remain a critical pillar of Nepal's economy, contributing significantly to household income, foreign exchange reserves, and national consumption.
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