Kathmandu: Nepal has witnessed remittance inflow of Rs 729 billion in the first nine months of the current fiscal year. Though the coronavirus pandemic has negatively impacted employment opportunities in the key labour destinations, the remittance flow paints a different story.
According to the remittance inflow update of nine months disclosed by the Nepal Rastra Bank today, the inflow has increased by 16.5 per cent. The remittance inflow had declined by 4.2 percent in the corresponding period last fiscal year, according to the NRB update. Such inflow had slumped by 4.9 percent in the last fiscal year.
During the reporting period, number of Nepali people obtaining final work permit (institutional and individual – new and legitimization) for foreign employment destination had reduced by 66.7 percent. However, the number had increased by 10.2 per cent in the corresponding period last year.
Number of Nepali people receiving renewed work permit for overseas employment had declined by 55.7 per cent in the first nine months of the current fiscal year. In the same period last year it had gone down by 15.0 per cent.
According to the central bank, the net transfer has increased by 14.4 percent in the reporting period. It had slumped by 4.7 percent in the corresponding period last year.