Nepal receives Rs 388.58bn in remittance in five months

This undated image shows the building of Nepal Rastra Bank in Kathmandu. Photo courtesy: NRB

KATHMANDU: The remittance inflows in the country in the past five months decreased against the same period of the previous fiscal year due to obstacles in the major labour destination countries, according to Nepal Rastra Bank.

“Remittance inflows decreased by 6.8% to Rs 388.58 billion in the review period against an increase of 11.0% in the same period of the previous year. In the US Dollar terms, remittance inflows decreased by 7.3% to Rs 3.26 billion in the review period against an increase of 6.4% in the same period of the previous year,” the central bank said on Thursday releasing the Current Macroeconomic and Financial Situation based on first months of the current fiscal year.

Similarly, the central bank said that the number of Nepalis taking approval for foreign employment increased significantly to 131,082 in the review period. It had decreased by 92.7% in the same period of the previous year. “The number of Nepali workers (Renew entry) taking approval for foreign employment increased by 295.8% to 99,580 in the review period. It had decreased 77.3% in the same period of the previous year,” the NRB stated.

The central bank said the merchandise exports increased by 105.6% to Rs 102.92 billion compared to an increase of 5.1% in the same period of the previous year. “Destination-wise, exports to India and other countries increased by 138% and 28.5% respectively while exports to China decreased by 1.4%. Exports of palm oil, soyabean oil, oil cakes, polyester yarn and thread, jute goods, among others, increased while exports of cardamom, tea, zinc sheet, wire, copper wire rod, among others, decreased in the review period.”

During the same period, imports increased by 59.5% to Rs 838.41 billion against a decrease of 9.6% last year.

Imports of petroleum products, crude palm oil, medicine, transport equipment, vehicle and other parts, crude soyabean oil, among others, increased whereas imports of cement, pulses, molasses sugar, insecticides, tobacco, among others, decreased in the review period.

READ ALSO:

 

Share This Post

B360

Business 360 is a magazine that delivers on quality business news content, profiles of entrepreneurs and leaders, features on issues that matter, articles that assess and analyze policy and delivery mechanisms in the world of trade and commerce

Related Post

    Leave a Reply

    Your email address will not be published. Required fields are marked *