KATHMANDU: Nepali workers abroad sent home remittances worth Rs 1.44 trillion by the end of mid-March in the current fiscal year, marking a strong 37.7 percent increase, according to the Nepal Rastra Bank.

During the same period last year, remittance inflows had grown by 9.5 percent. In the month of Falgun alone (mid-February to mid-March), remittances totaled Rs 188.64 billion, compared to Rs 151.19 billion in the corresponding month of the previous year.

In US dollar terms, remittance inflows increased by 31 percent to reach $10.15 billion, up from a 7.1 percent growth in the same period last year.

According to the central bank, net secondary income (net transfers) during the review period reached Rs 1.59 trillion, compared to Rs 1.14 trillion in the same period last year.

Meanwhile, the number of Nepalis obtaining final labor approval for foreign employment (both institutional and individual-new) stood at 273,536, while 251,985 individuals renewed their labor permits.

In the same period last year, these figures were 317,068 and 217,403 respectively.

The current account remained in surplus at Rs 552.85 billion during the review period, up from Rs 197.03 billion in the same period last year.

In US dollar terms, the surplus increased to $3.88 billion, compared to $1.46 billion a year ago.