Nepal's Remittance Inflow Reaches Rs 436 Billion in Two Months

Remittance inflows into the country totalled Rs 221 billion during the month of Bhadra, spanning August 17 to September 16, according to figures released by Nepal Rastra Bank. The data forms part of the financial report covering the initial two months of the current fiscal year. Combined figures for Shrawan and Bhadra indicate that total remittance receipts climbed by 23.9 percent to reach Rs 436 billion 36 million. During the same timeframe in the previous fiscal year, the growth rate of incoming remittances had been higher at 33.1 percent. Calculated in United States currency, remittance inflows rose by 13.5 percent to arrive at $2.85 billion in the review period. A year prior, the dollar-denominated remittance growth had registered at 27.6 percent. Historical figures contained in the central bank documentation show that remittance earnings specifically during Bhadra of the preceding fiscal year amounted to Rs 174 billion 670 million.