Country receives Rs 640.43 billion in remittances in five months

Kathmandu, Jan 10: The consumer price inflation has stood at 6.05 percent in mid-December 2024 compared to 4.95 percent a year ago, according to the central bank.     

Issuing a report on Current Macroeconomic and Financial Situation of Nepal (Based on Five Months Data Ending Mid-December, 2024/25) on Friday, the Nepal Rastra Bank stated that the food and beverage inflation stood at 9.99 percent whereas nonfood and service inflation stood at 3.92 percent in the review month. During the same period in the previous year, the price indices of these groups had increased by 5.00 percent and 4.92 percent respectively.     

According to the NRB, merchandise exports increased 16.5 percent to Rs 73.66 billion against a decrease of 6.1 percent in the same period of the previous year. Destination-wise, exports to India and China increased 23.7 percent and 68.9 percent respectively whereas export to other countries decreased 1.2 percent. Exports of soyabean oil, tea, polyster yarn and thread, particle board, woolen carpet, among others increased whereas exports of palm oil, zinc sheet, ginger, readymade garments, herbs, among others decreased in the review period, the central bank said.     

Likewise, the remittance inflows increased 4.4 percent to Rs 640.43 billion in the review period compared to an increase of 24.2 percent in the same period of the previous year. In the US Dollar terms, remittance inflows increased 2.5 percent to 4.73 billion in the review period compared to an increase of 21.1 percent in the same period of the previous year.     

Similarly, the current account remained at a surplus of Rs 140.71 billion in the review period compared to a surplus of Rs 141.03 billion in the same period of the previous year. In the US Dollar terms, the current account registered a surplus of 1.04 billion in the review period against a surplus of 1.06 billion in the same period last year.     

Balance of Payments (BOP) remained at a surplus of Rs 225.34 billion in the review period compared to a surplus of Rs 216.05 billion in the same period of the previous year. In the US Dollar terms, the BOP remained at a surplus of 1.67 billion in the review period compared to a surplus of 1.63 billion in the same period of the previous year.     

According to the NRB, the gross foreign exchange reserves increased 11.4 percent to Rs 2273.26 billion in mid-December 2024 from Rs 2041.10 billion in mid-July 2024. In the US dollar terms, the gross foreign exchange reserves increased 9.7 percent to 16.76 billion in mid-December 2024 from 15.27 billion in mid-July 2024.(RSS)