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Nepal receives Rs. 642 billion remittance in eight months



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By A Staff Reporter, Kathmandu, Apr.13: Inflow of remittance has been steadily increasing despite a decline in the number of people flying overseas for foreign employment.

According to the current macroeconomic and financial report released by Nepal Rastra Bank on Monday, the number of migrant workers has decreased almost by 75 per cent in the first eight months of the current fiscal year.

On the other hand, remittance inflow has increased by 8.6 per cent to Rs. 642.14 billion in the review period compared to 1.5 per cent in the same period the previous year.

In the US dollar terms, remittance inflow increased by 5 per cent to 5.45 billion in the review period compared to 1.5 per cent in the same period the previous year.

According to the NRB, the number of Nepali workers (institutional and individual-new and legalised) taking approval for foreign employment has declined by 74.8 per cent during the review period.

It had increased by 24.2 per cent in the same period the previous year.

The number of Nepali workers (renewed entry) taking approval for foreign employment has decreased by 65.2 per cent during the review period. It had decreased by 2.7 per cent during the same period the previous year.

Net transfer increased by 7.2 per cent to Rs.718.70 billion during the review period. Such a transfer had increased by 1 per cent in the corresponding period the previous year.

 

Current account deficit

 reaches Rs. 148.68b

Meanwhile, the current account remained at a deficit of Rs. 148.68 billion during the review period compared to a deficit of Rs. 119.70 billion in the corresponding period the previous year.

 In the US dollar terms, the current account registered a deficit of 1.27 billion in the review period compared to a deficit of 1.05 billion in the same period the previous year, the NRB said.

Likewise, capital transfer has increased by 6.8 per cent to Rs. 11.91 billion and net foreign direct investment (FDI) decreased by 34.8 per cent to Rs. 10.18 billion.

 In the corresponding period the previous year, capital transfer and net FDI amounted to Rs.11.15 billion and Rs.15.61 billion respectively.

Similarly, balance of payments (BOP) has registered a surplus of Rs.68 billion in the review period compared to a surplus of Rs.37.84 billion in the same period the previous year.

In the US Dollar terms, the BOP recorded a surplus of 565.8 million in the review period compared to a surplus of 331.2 million in the same period the previous year.