Remittances transferred abroad from Nepal through formal channels rose sharply by 52.66% in the first six months of fiscal year 082/83, reaching NPR 6.98 billion compared to NPR 4.57 billion during the same period last year, according to Nepal Rastra Bank. The increase is attributed to a growing number of foreign nationals working in Nepal, with 22,439 individuals receiving labor permits. These workers are permitted to remit up to 75% of their earnings, mainly from employment in multinational companies, hydropower ventures, banking institutions, and insurance firms. Over the past five and a half years, a total of NPR 44.52 billion has been sent abroad as remittances. Informal transfers are not reflected in the official data.
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