Nepal Receives Rs 1445.32 Billion in Remittance in FY 2023/24

Nepal received Rs 1445.32 billion in remittance in the last fiscal year, 2023/24, which ended on July 15, according to the Nepal Rastra Bank's latest report made public on Sunday.

Remittance inflows increased 16.5% to Rs 1445.32 billion in 2023/24 compared to an increase of 23.2 % in the previous year, the macroeconomic report says.

In the US Dollar terms, remittance inflow surged by 14.5% to $10.86 billion in the review year compared to an increase of 13.9% in the previous year.

While the remittance amount surged, the number of Nepalis seeking overseas jobs decreased in the period.

The number of Nepali workers, both institutional and individual, taking first-time approval for foreign employment stood at 460,103 while 281,199 renewed their entry. The figures were 497,704 and 277,272, respectively, in the previous fiscal year, the report says.