Nepal has received Rs 642.14 billion in remittance in the first eight months of the current fiscal year.
Remittance is one of the major sources of Nepal economy. Nepal heavily relies on remittance. Gulf country has been one of the major hubs of remittance for Nepal.
“Remittance inflows increased 8.6 per cent to Rs 642.14 billion in the review period compared to 1.5 per cent in the same period of the previous year. In the US Dollar terms, remittance inflows increased 5.0 per cent to 5.45 billion in the review period compared to 1.5 per cent in the same period of the previous year,” the Nepal Rastra Bank (NRB) said on Monday releasing the current macroeconomic and financial situation of the country.
Likewise, the central bank said that the number of Nepali workers taking approval for foreign employment decreased by 74.8 per cent in the review period. It had increased 24.2 per cent in the same period of the previous year. The number of Nepali workers (Renew entry) taking approval for foreign employment decreased 65.2 per cent in the review period, according to the NRB.
Similarly, the current account remained at a deficit of Rs 148.68 billion compared to a deficit of Rs 119.70 billion in the same period of the previous year. In US Dollar terms, the current account registered a deficit of Rs 1.27 billion in the review period compared to a deficit of Rs 1.05 billion in the same period of the previous year.
Likewise, the Balance of Payments (BOP) registered a surplus of Rs 68 billion as compared to a surplus of Rs 37.84 billion in the same period of the previous year, as per Nepal Rastra Bank (Central Bank).
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