Remittances decline by 5.5 pc in last six months

Kathmandu: Remittances from abroad have declined in the first six months of the current fiscal year.
Remittances, which started declining from the first month of the current fiscal year, have also declined in the sixth month, stated the Nepal Rastra Bank.

According to the six-month data released by Nepal Rastra Bank on Wednesday, remittance inflows declined by 5.5 percent to Rs 468.45 billion. The remittance inflow had increased by 11.1 percent in the corresponding period of the previous year.

Meanwhile, the remittance inflow had increased by 6.7 percent in the corresponding period of the previous year.

During this period, the number of Nepalis seeking final labor approval (institutional and individual-new and legalized) for foreign employment has increased. According to the NRB, the number has increased significantly in the last six months to 1,67,513.

Such number had decreased by 89.0 percent in the corresponding period of the previous year.

Similarly, the number of Nepalis seeking re-employment for foreign employment increased by 298.1 percent during the review period to 130,212. Such number had decreased by 75.5 percent in the corresponding period of the previous year.

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