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Remittance inflow down by 7.5%



remittance-inflow-down-by-75

By TRN Online, Kathmandu, Dec. 16: The remittance inflow dived by 7.5 per cent in the first four months of the current fiscal year (FY) in comparison to the review period of the previous FY.

According to the Current Macroeconomic and Financial Situation report of the Nepal Rastra Bank (NRB), the remittance decreased by 7.5 per cent to Rs. 312.42 billion in the first four months of the current FY relative to Rs. 337.72 billion of the review period of the previous FY.

However, the amount of inflow of remittance has been gradually rising over the first four months of the current FY. According to the report, the amount of remittance rose consecutively by Rs. 79.41 billion, Rs. 83.95 billion and 98.4 billion in mid-September, mid-October, and mid-November respectively.

In contrast to the decline in the amount of inflow, the number of Nepali workers taking approval for foreign employment rose significantly to 66,316 in the review period. In the same period of the previous FY, the number for taking approval was 19,251.

Similarly, the workers taking approval for renewing entry sprung exponentially by 249.1 per cent to 59,723 in the review period. In the review period of the previous FY, the number recorded was 25,931.

The data showed that the amount of remittance inflow in the current FY is comparatively lower than the amount of inflow in the same period of the previous FY. However, the amount of remittance rose consecutively in the first four months of the current FY.