Kathmandu, May 13: Nepal received remittance of Rs. 729.02 billion by the end of the first nine months of the current fiscal year 2020/21.

Remittance inflows increased by 16.5 per cent in the review period against a decline of 4.2 per cent in the same period of the previous year, according to a current macroeconomic and financial report of Nepal Rastra Bank (NRB).

Remittance of Rs. 86.88 billion has been received in the last one month (mid-March to mid-April) of the current fiscal year.

As of mid-March, remittances of Rs. 642.14 billion had been received.

In the US Dollar terms, remittance inflows increased by 13 per cent to 6.19 billion in the review period against a decrease of 4.9 per cent 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 66.7 per cent in the review period.

It had increased by 10.2 per cent in the same period of the previous year.

The number of Nepali workers (Renew entry) taking approval for foreign employment decreased 55.7 per cent in the review period.

It had decreased by 15 per cent in the same period of the previous year.

Net transfer increased by 14.4 per cent to Rs. 814.36 billion in the review period. Such a transfer had decreased by 4.7 per cent in the same period of the previous year.

Meanwhile, Balance of Payments (BOP) registered a surplus of Rs. 42.54 billion in the review period as compared to a surplus of Rs. 36.61 billion in the same period of the previous year.

In the US dollar terms, the BOP recorded a surplus of 348.1 million in the review period compared to a surplus of 321.0 million in the same period of the previous year.

However, the current account remained at a deficit of Rs. 207.41 billion in the review period compared to a deficit of Rs. 126.09 billion in the same period of the previous year.

In the US dollar terms, the current account registered a deficit of 1.77 billion in the review period compared to a deficit of 1.10 billion in the same period of the previous year.

Published on: 13 May 2021 | The Rising Nepal