Nepal’s BoP Remained Surplus, Continuing Import Restrictions,

Nepal’s BoP Remained Surplus, Continuing Import Restrictions,

March 14, 2023, 10:34 a.m.

Balance of payments (BOP) remained at a surplus of Rs. 133.21 billion in the review period compared to a deficit of Rs. 247.03 billion in the same period of the previous year.
In the US dollar terms, the BOP remained at a surplus of 1.01 billion in the review period against a deficit of 2.07 billion in the same period of the previous year. Not only the balance of payment, but also the current account recorded significant improvement.
The current account deficit which was Rs. 411.34 billion in the first seven months of the last fiscal year dropped to Rs. 29.64 billion by the end of February of the current fiscal year.
In the US dollar terms, the current account registered a deficit of 234.6 million in the review period compared to deficit of 3.45 billion in the same period last year, said the NRB.
In the review period, capital transfer decreased by 15.2 per cent to Rs. 5.35 billion and net foreign direct investment (FDI) remained Rs. 1.04 billion. In the same period of the previous year, capital transfer and net FDI amounted to Rs. 6.31 billion and Rs. 16.29 billion respectively.
During the review period, due to decline in imports, trade deficit decreased by 18.7 per cent to Rs. 825.73 billion during the seven months of 2022/23. Imports also decreased by 19.9 per cent to Rs. 919.17 billion against an increase of 42.8 per cent a year ago.
Exports also decreased by 29 per cent to Rs. 93.43 billion against an increase of 88.3 per cent in the same period of the previous year.

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