Money sent home by Nepalis working abroad is still climbing, but the pace is cooling. Nepal received Rs 436.36 billion in remittances during Shrawan and Bhadra, the first two months of fiscal year 2026/27. That is 23.9% more than in the same period a year earlier. The figures come from Nepal Rastra Bank’s (NRB) macroeconomic report, released on October 15. They cover roughly mid-July to mid-September 2026.
Last year’s comparable total was Rs 352.08 billion. In US dollars, inflows reached US$2.85 billion, a rise of 13.5%. The gap between the two growth rates matters. The rupee figure looks bigger, but the dollar figure is the better guide to the underlying value of what workers sent. Growth has also slowed. The same two months a year earlier recorded a 33.1% increase. Remittances are rising strongly, but not as fast as before.
By month, Bhadra brought in Rs 221.31 billion, up from Rs 174.67 billion in Bhadra last year, a gain of about Rs 46.64 billion. Shrawan’s figure, about Rs 215.05 billion, is calculated by subtracting Bhadra from the two-month total.
More money, fewer first-time workers
The report shows an odd contrast. First-time foreign-employment approvals fell 13.2% year on year, to 78,320 from 90,198. Renewed approvals rose 13.7%, to 52,163 from 45,884.
Earnings of workers already abroad, changes in how much or how often money is sent, exchange-rate effects and greater use of formal channels could all play a part.
What it means for the economy
Remittances are propping up Nepal’s external accounts. Gross foreign-exchange reserves stood at Rs 4,065.78 billion (US$26.48 billion) by mid-September, enough, NRB estimates, to cover 17.8 months of imports of goods and services. The balance of payments showed a surplus of Rs 187.68 billion, against Rs 153.68 billion a year earlier. The current-account surplus was Rs 169.04 billion. The trade picture is less comfortable. Imports rose 31.6% to Rs 401.52 billion, while exports grew 61.9% to Rs 76.59 billion. Even so, the trade deficit widened 26% to Rs 324.93 billion. Remittances are covering a large gap between what Nepal buys and what it sells.
Prices are rising too
Consumer inflation reached 6.34% in mid-September, up from 1.87% a year earlier. Food and beverage inflation was 7.54%. A larger national inflow does not mean every receiving household is better off. If prices rise faster than the money arriving, purchasing power can still fall.
Background
NRB lists worker remittances at 35.8% of GDP for FY 2025/26, which shows how much of the economy rests on overseas earnings.
