Remittance Inflow Increased by 21.7 Percent: Nepal Rastra Bank

Remittance Inflow Increased by 21.7 Percent: Nepal Rastra Bank

March 11, 2024, 8:30 a.m.

Remittance inflows recorded in the first seven months of the current Fiscal Year (FY) increased by 21.7 per cent.

According to the Nepal Rastra Bank (NRB) data published today, remittance inflows increased by 21.7 per cent to Rs 834.5 billion in the review period of the first seven months of this FY. In the same period last FY it was Rs 685.8 billion.

However, the data revealed that in the review period, the number of Nepali workers, both institutional and individual taking approval for foreign employment declined to 247,012, and taking approval for renewed entry also declined to 158,540.

In the previous year, such numbers were 314,767 and 167,708 respectively.

Foreign exchange reserves have remained unchanged. According to the data released by the Nepal Rastra Bank on Sunday, the dollar reserves have reached 13.89 billion US dollars.

This reserve was 11.71 billion dollars at the end of June 2023, and by the end of January 2024, it has increased by 18.6 percent and reached 13.89 billion dollars.

Among the total foreign exchange reserves, the reserve in Nepal Rastra Bank was 13 billion 45 billion 78 million rupees at the end of June 2023, and increased by 20.7 percent to 16 trillion 23 billion 92 million rupees at the end of January 2080.

The foreign exchange reserves with banks and financial institutions (excluding Nepal Rastra Bank) stood at Rs 193.59 billion at the end of June 2080, increasing by 14.2 percent to Rs 2 trillion 21 billion 2 crores at the end of January 2080.

The share of Indian currency in the total foreign exchange reserves at the end of January 2080 is 22.6 percent. Taking seven months of imports of the financial year 2080/81 as a basis, it seems that the foreign exchange reserves held by the banking sector will be enough to support 14.7 months of goods imports and 12.3 months of goods and services imports.

At the end of January 2080, the ratios of foreign exchange reserves to gross domestic product, total import and wide money supply were 34.3 percent, 102.4 percent, and 28.0 percent, respectively. The data also shows that these ratios were 28.6 percent, 83.0 percent and 25.0 percent respectively at the end of June 2080.

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