Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Remittance inflow has increased by 8.6 percent to Rs.642.14 billion in the review period compared to 1.5 percent in the same period of the previous year despite the pandemic, states the latest macroeconomic update report of the eight months of 2020-21 released by the Nepal Rastra Bank (NRB) today.
As per the report, number of Nepali workers (institutional and individual-new and legalized) taking approval for foreign employment decreased 74.8 percent in the review period. It had increased 24.2 percent in the same period of the previous year.
The number of Nepali workers (renew entry) taking approval for foreign employment decreased 65.2 percent in the review period. It had decreased 2.7 percent in the same period of the previous year.
In the eight months of 2020-21, merchandise exports increased 7.8 percent to Rs.80.78 billion compared to an increase of 22.3 percent in the same period of the previous year. Meanwhile, merchandise imports increased 2.1 percent to Rs.943.99 billion against a decrease of 2.6 percent a year ago.
Total trade deficit increased 1.6 percent to Rs.863.21 billion in the eight months of 2020-21. Such a deficit had decreased 4.3 percent in the same period of the previous year. The export-import ratio increased to 8.6 percent in the review period from 8.1 percent in the same period of the previous year.
The year-on-year consumer price inflation stood at 3.02 percent in the eighth month of 2020/21 compared to 6.70 percent a year ago. Food and beverage inflation stood at 3.80 percent whereas non-food and service inflation stood at 2.41 percent in the review month.
The current account remained at a deficit of Rs.148.68 billion in the review period compared to a deficit of Rs.119.70 billion in the same period of the previous year. However, the Balance of Payments (BoP) registered a surplus of Rs.68 billion in the review period as compared to a surplus of Rs.37.84 billion in the same period of the previous year.
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