Kathmandu, April 13: Nepal has received Rs. 642.14 billion remittance in the first eight months of the current fiscal year.
According to a report published by the Nepal Rastra Bank (NRB) on the current macroeconomic and financial situation of the country, the remittance inflows increased by 8.6 % in the review period compared to 1.5 % in the same period of the previous year. During the review period, the number of Nepalese seeking final labor approval (institutional and individual-new and legalized) for foreign employment decreased by 74.8 %. The number had increased by 24.2 % in the corresponding period of the previous year.
According to the report, the current account remained at a deficit of Rs.148.68 billion in the review period compared to a deficit of Rs.119.70 billion in the same period of the previous year. Meanwhile, the Balance of Payments (BOP) registered a surplus of Rs.68 billion in the review period as compared to a surplus of Rs.37.84 billion in the same period of the previous year. The foreign exchange reserves have increased by 2.5 % to Rs.1436.54 billion in mid-March 2021 from Rs.1401.84 billion in mid-July 2020.
The inflation rate, meanwhile, stood at 3.02 % in the eighth month of 2020/21 compared to 6.70 % a year ago. Food and beverage inflation stood at 3.80 % whereas non-food and service inflation stood at 2.41 % in the review month. 2. The price of ghee and oil; fruit; tobacco products; and pulses and legumes sub-groups rose 19.97 %, 13.67 %, 10.41 % and 10.17 % respectively.
