September 24: The inflow of remittances has declined in the first month of the current fiscal year, according to Nepal Rastra Bank.

The Current Macroeconomic and Financial Situation Report published by the central bank on Thursday revealed that the remittance inflow decreased 18.1 percent to Rs 75.96 billion in the review period in contrast to an increase of 23.0 percent in the same period of the previous year.

In the US Dollar terms, remittance inflows decreased 17.5 percent to Rs 638.2 million in the review period against a growth of 14.5 percent in the same period of the previous year.

According to the report, the number of Nepali workers (institutional and individual-new and legalized) taking approval for foreign employment increased significantly to 13,800 in the review period. It had decreased 99.2 percent in the same period of the previous year.

Likewise, the number of Nepali workers (renew entry) taking approval for foreign employment increased 286.1 percent to 11,628 in the review period. It had decreased 80.0 percent in the same period of the previous year.

It is believed that the remittance inflow had increased during the lockdown period of last year because the migrant workers were not able to send money back home through illegal channels.