The inflow of remittance has declined due to various obstacles seen in major labor destinations. Remittance inflows declined by 6.8 percent in the first five months of the current fiscal year, according to a statement released by Nepal Rastra Bank today.
During the same period, remittance inflows amounted to Rs 388.58 billion. The remittance inflow had increased by 11.0 percent in the corresponding period of the previous year. In US dollar terms, remittance inflows declined by 7.3 percent to Rs 3.26 billion.
Such inflows had increased by 6.4 percent in the previous year. During the same period, the number of Nepalis seeking final labor permits (institutional and individual-new and legalized) for foreign employment has increased significantly to 131,082. Such number had decreased by 92.7 percent in the corresponding period of the previous year.
Similarly, the number of Nepalis seeking re-employment abroad has increased by 295.8 percent during the review period to 99,580. Such a number had decreased by 77.3 percent in the corresponding period of the previous year. Net transfer decreased by 5.7 percent to Rs. 433.92 billion during the review period. Such transfers had increased by 8.5 percent in the corresponding period of the previous year.
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