Nepal's Remittance Inflows Grow by 4.1% in First Half of 2024.

Remittance inflows have grown by 4.1% to reach Rs. 763.08 billion, compared to a 22.2% increase last year, according to Nepal Rastra Bank's report on the economy for the six months ending mid-January 2024/25.

In US dollar terms, remittances increased by 1.1% to $5.58 billion, down from 19.5% growth last year.

Net secondary income (money sent from abroad) rose to Rs. 832.76 billion, up from Rs. 799.54 billion last year.

The number of Nepali workers approved for foreign employment for the first time reached 230,439, while 162,628 were approved for re-entry. Last year, these numbers were 206,390 and 133,940.

In the services sector, the net income was negative, with a deficit of Rs. 43.53 billion, worse than last year’s Rs. 35.43 billion deficit.

Travel income grew by 5.1% to Rs. 41.86 billion, but travel payments increased by 9.7% to Rs. 101.92 billion, with Rs. 56.83 billion spent on education. Last year, travel payments were Rs. 92.87 billion, and education expenses were Rs. 58.95 billion.