Country receives Rs 378 billion in remittance in four months

KATHMANDU: With an impressive growth rate in the remittance inflow compared to the last year, the country has received Rs 378.04 billion in remittance in the first four months of the current fiscal year.

The growth rate is more than 20 percent against a decrease of 7 per cent in the same period of the last year. “In the US Dollar terms, remittance inflows increased 10.8 percent to 2.93 billion in the review period against a decrease of 7.3 percent in the same period of the previous year,” according to the Nepal Rastra Bank.

Issuing a current macroeconomic and financial situation based on the first four months of the current fiscal year, the central bank has stated that the number of Nepali workers (institutional and individual-new) taking approval for foreign employment increased 102.5 percent to 195,196 in the review period.

The number of Nepali workers (Renew entry) taking approval for foreign employment increased 46.4 percent to 87,428 in the review period. It had increased 249.1 percent in the same period of the previous year.

Likewise, the Balance of Payments (BOP) has remained at a surplus of Rs 20.03 billion in the review period compared to a deficit of Rs 150.38 billion in the same period of the previous year.

However, the current account has remained at a deficit of Rs 35.40 billion in the review period compared to a deficit of Rs 220.91 billion in the same period of the previous year, according to the central bank. RSS