The Nepal Rastra Bank (NRB) said remittance inflows in the country in the past five months decline against the same period of the previous fiscal year due to many obstacles in the major labor destination countries.
“Remittance inflows decline 6.8 percent to Rs 388.58 billion in the review period against an increase of 11.0 percent in the same period of the previous year. In the US Dollar terms, remittance inflows decreased 7.3 percent to 3.26 billion in the review period against an increase of 6.4 percent in the same period of the previous year,” the central bank said while releasing the Current Macroeconomic and Financial Situation based on first months of the current fiscal year.
Similarly, the central bank said that the number of Nepalis taking approval for foreign employment increased significantly to 131,082 in the review period. It had decreased by 92.7 percent in the same period as the previous year.
“The number of Nepali workers (Renew entry) taking approval for foreign employment increased 295.8 percent to 99,580 in the review period. It had decreased 77.3 percent in the same period of the previous year,” the NRB stated. The central bank said the merchandise exports increased 105.6 percent to Rs 102.92 billion compared to an increase of 5.1 percent in the same period of the previous year.
“Destination-wise, exports to India and other countries increased 138.0 percent and 28.5 respectively whereas exports to China decreased by 1.4 percent. Exports of palm oil, soyabean oil, oil cakes, polyester yarn and thread, jute goods, among others, increased whereas exports of cardamom, tea, zinc sheet, wire, copper wire rod, among others, decreased in the review period.”
During the same period, imports increased by 59.5 percent to Rs 838.41 billion against a decrease of 9.6 percent a year ago. Imports of petroleum products, crude palm oil, medicine, transport equipment, vehicle and other parts, crude soyabean oil, among others, increased whereas imports of cement, pulses, molasses sugar, insecticides, tobacco, among others, decreased in the review period.
