Nepal Receives Rs. 567.7 Billion Remittance

Nepal Receives Rs. 567.7 Billion Remittance

March 20, 2021, 5:56 a.m.

Nepal received a remittance of Rs. 567.70 billion by the end of the first seven months of the current fiscal year 2020/21.
Remittance inflows increased by 10.9 percent in the review period against a decline of 0.7 percent in the same period of the previous year, according to a current macroeconomic and financial report of Nepal Rastra Bank (NRB).

Remittance of Rs. 72.39 billion has been received in the last one month (mid-January to mid-February) of the current fiscal year.
As of mid-January, remittances of Rs. 495.31 billion had been received.
The rate of remittance inflow has increased by double digits in the current fiscal year compared to last year.
In US dollar terms, remittance inflows increased by 6.7 percent to 4.81 billion in the review period against a decrease of 0.5 percent in the same period of the previous year.
During the review period, the number of Nepali workers (institutional and individual - new and legalized) taking approval for foreign employment has decreased by 75.9 percent in the review period.
It had increased by 21.7 percent in the same period of the previous year.
The number of Nepali workers (renew entry) taking approval for foreign employment decreased by 67.4 percent in the review period. It had decreased by 0.6 percent in the same period of the previous year.
Net transfer increased by 8.8 percent to Rs. 629.83 billion in the review period. Such transfer had decreased by 1.5 percent in the same period of the previous year.
Balance of Payments (BOP) registered a surplus of Rs. 97.36 billion in the review period as compared to a surplus of Rs. 21.61 billion in the same period of the previous year.
In US dollar terms, the BOP recorded a surplus of 817.6 million in the review period compared to a surplus of 191.1 million in the same period of the previous year.
However, the current account remained at a deficit of Rs. 101.90 billion in the review period compared to a deficit of Rs. 106.0 billion in the same period of the previous year.
In US dollar terms, the current account registered a deficit of 871.0 million in the review period compared to a deficit of 930.6 million in the same period of the previous year.

Source: The Rising Nepal

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