According to the financial status report released by Nepal Rastra Bank (NRB), Nepal received NPR 900.58 billion in remittances during the first seven months (Shrawan to Magh) of the current fiscal year (2080/81). This marks a 7.3% increase compared to the same period last year. In US dollar terms, the growth stands at 5.3%. In Magh (mid-January) alone, remittances worth NPR 137 billion entered the country.
Foreign Employment Trends
- New Labor Approvals: During this period, 230,439 Nepalis received final labor approvals for foreign employment (both institutional and individual).
- Renewed Labor Approvals: Additionally, 162,628 individuals renewed their labor approvals.
- Comparison to Last Year: In the same period last year, 206,390 new and 133,940 renewed labor approvals were issued.
Key Takeaways
- Remittances remain a critical source of income for Nepal, contributing significantly to the national economy.
- The increase in labor approvals indicates a growing trend of Nepalis seeking employment opportunities abroad.
Source: Nepal Rastra Bank (NRB)