Nepal receives Rs 800 billion foreign remittance in 11 months

Kathmandu, July 21: Nepal has got Rs 800 billion foreign remittances in the last 11 months, said Nepal Rastra Bank report on country’s economic and financial situation. In the review period, the remittance increased by 17.5 percent.

In the same period last year, the remittance was upped by 7.3 percent. However, the number of Nepalis leaving the country as migrant workers with labour permits decreased by 37.3 percent in this period. Similarly, the Kathmandu Valley recorded the inflation of 7.1 percent, meanwhile, the mountainous region witnessed 6.5 percent, hilly regions 5.7 percent and Tarai region 6.5 percent inflation.

The trade deficit exceeded Rs 1200 billion in the period, increasing by 17.2 percent, said the central bank. The export-import ratio is 6.8 percent. The import of goods from India rose by 15.1 percent while from China by 30.7 percent and from others by 16.1 percent.

Moreover, the balance of payment till the end of mid-June reached Rs 90.83 billion. In the review period, capital transfer was Rs 13.88 billion, while the country got Rs 11.81 billion as the foreign direct investment. Similarly, the total foreign exchange reserve in the eleven months was Rs 1030 billion. RSS