Nepal’s Remittance Inflows Decreased By 5.5 Percent

Nepal’s Remittance Inflows Decreased By 5.5 Percent

Feb. 10, 2022, 8:33 a.m.

The current macroeconomic and financial report published by the Nepal Rastra Bank (NRB) on Wednesday revealed that the year-on-year (y-o-y) consumer price inflation stood at 5.65 per cent in the sixth month of 2021/22 compared to 3.56 per cent a year ago.

According to report, food and beverage inflation stood at 4.92 per cent whereas non-food and service inflation stood at 6.23 per cent in the review month.

The prices of ghee and oil, transportation, alcoholic drinks, tobacco products and pulses and legumes sub-categories rose by 21.22 per cent, 14.07 per cent, 11.37 per cent, 10.48 per cent and 9.22 per cent respectively on y-o-y basis.

Similarly, the remittance inflows decreased by 5.5 per cent to Rs. 468.45 billion in the review period against an increase of 11.1 per cent in the same period of the previous year.

In the US dollar terms, remittance inflows decreased by 6.2 per cent to 3.93 billion in the review period against an increase of 6.7 per cent in the same period of the previous year.

Number of Nepali workers (institutional and individual-new and legalised) taking approval for foreign employment increased significantly to 167,513 in the review period.

It had decreased 89.0 per cent in the same period of the previous year. The number of Nepali workers (renew entry) taking approval for foreign employment increased by 298.1 per cent to 130,212 in the review period, said NRB.

Balance of Payments (BOP) remained at a deficit of Rs. 241.23 billion in the review period against a surplus of Rs. 124.92 billion in the same period of the previous year.

In the US dollar terms, the BOP remained at a deficit of 2.02 billion in the review period against a surplus of 1.05 billion in the same period of the previous year.

Similarly, the current account remained at a deficit of Rs. 354.07 billion in the first six months of the current fiscal year compared to a deficit of Rs. 51.68 billion in the same period of the previous year.

With report from The Rising Npeal

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