Remittances inflow crossed Rs 10 billion in FY 2078/079

Remittances inflow in the country increased 4.8 percent in Nepalese rupee and 2.2 percent in US Dollar in the fiscal year 2078/079 BS, according to the Nepal Rastra Bank (NRB).

Releasing the Current Macroeconomic and Financial Situation of Nepal on Tuesday, the NRB said remittance inflows increased 4.8 percent to Rs 1007.31 billion during 2021/022 compared to 9.8 percent in the previous year.

In the US Dollar terms, remittance inflows increased 2.2 percent to 8.33 billion in the review year against an increase of 8.2 percent in the previous year.

Likewise, the number of Nepali migrant workers (institutional and individual-new and legalized) taking approval for foreign employment increased significantly to 354,660 in the review year.

It had decreased 62.8 percent in the previous year. The number of Nepali workers taking approval for foreign employment increased 198.5 percent to 282,453 in the review year. It had decreased 46.8 percent in the previous year.

Likewise, the country imported goods worth Rs 1920.45 billion in the fiscal year 2078/079 BS, the Nepal Rastra Bank (NRB) stated.

Releasing the Current Macroeconomic and Financial Situation of Nepal on Tuesday, merchandise imports increased 24.7 percent to Rs 1920.45 billion compared to an increase of 28.7 percent a year ago.

The central bank said that imports from India increased 23.3 percent and 13.2 percent from China while 36.3 percent from other countries. The NRB said merchandise imports from India amounted to Rs 213.53 billion compared to Rs 190.54 billion in the previous year.

Imports of petroleum products, medicine, crude palm oil, sponge iron, gold, among others, increased whereas imports of M.S. billet, cement, rice/paddy, pulses, medical equipment and tools, among others, decreased in the last fiscal year.

Similarly, merchandise exports increased 41.7 percent to Rs 200.03 billion compared to an increase of 44.4 percent in the previous year. Exports to India and other countries increased 45.9 percent and 30.4 respectively whereas exports to China decreased 20.4 percent.

The central bank stated that exports of palm oil, woolen carpet, polyester yarn and thread, zinc sheet, juice, among others, increased whereas exports of soyabean oil, cardamom, tea, medicine (ayurvedic), wire, among others, decreased in the review year.

"Based on customs points, exports from Kanchanpur Customs Office decreased whereas exports from all other major customs points increased in the review year. On the import side, imports from all major customs points increased in the review year," the central bank said.

Likewise, the total trade deficit increased 23 percent to Rs 1720.42 billion in the year 2078/079. Such a deficit was 27.3 percent in the previous year.