Remittance inflows up 8.6 percent in first eight month of this year

Nepal has received Rs 642.14 billion in remittance in the first eight months of the current fiscal year. 

“Remittance inflows increased 8.6 percent to Rs 642.14 billion in the review period compared to 1.5 percent in the same period of the previous year. In the US Dollar terms, remittance inflows increased 5.0 percent to 5.45 billion in the review period compared to 1.5 percent in the same period of the previous year,” the Nepal Rastra Bank (NRB) said on Monday releasing the current macroeconomic and financial situation of the country. 

Likewise, the central bank said that number of Nepali workers taking approval for foreign employment decreased 74.8 percent in the review period. It had increased 24.2 percent in the same period of the previous year. The number of Nepali workers (Renew entry) taking approval for foreign employment decreased 65.2 percent in the review period, according to the NRB.

Similarly, the current account remained at a deficit of Rs 148.68 billion compared to a deficit of Rs 119.70 billion in the same period of the previous year. In the US Dollar terms, the current account registered a deficit of Rs 1.27 billion in the review period compared to a deficit of Rs 1.05 billion in the same period of the previous year. 

Likewise, the Balance of Payments (BOP) registered a surplus of Rs 68 billion as compared to a surplus of Rs 37.84 billion in the same period of the previous year, the central bank stated.