Key Takeaways:

• Remittance inflows rose 23.9 percent to Rs 436.36 billion
• Nepal received $2.85 billion in remittances in two months
• First-time foreign employment approvals declined from last year
• Re-entry labour approvals increased as more migrants returned overseas for work

KATHMANDU, OCTOBER 15 Nepal received Rs 436.36 billion in remittances during the first two months of the current fiscal year, a strong 23.9 percent increase from a year earlier, even as the number of first-time migrant workers heading abroad declined. According to Nepal Rastra Bank's latest macroeconomic report, remittances continued to be a major source of foreign currency inflows, reaching $2.85 billion in the review period. However, the pace of growth was slower than the 33.1 percent increase recorded during the same period last fiscal year. The inflow in Bhadra alone stood at Rs 221.31 billion, up significantly from Rs 174.67 billion in the corresponding month a year ago. Net secondary income, which includes remittances and transfers, rose to Rs 469.44 billion. While remittance earnings increased, the number of workers receiving first-time approval for foreign employment fell to 78,320, down from 90,198 in the same period last year. In contrast, approvals for workers returning overseas after previous employment increased to 52,163, suggesting more migrants are renewing overseas jobs rather than entering foreign labour markets for the first time.