Kathmandu, May 12
Nepal’s balance of payment is the lowest it has ever been.
Even though remittance has improved in the last few months, due to the continuous rise in imports, the balance of payment has taken a significant hit, informs Nepal Rastra Bank.
This has affected the country’s foreign exchange reserve which has gone down by Rs 2 billion over the past month.
According to the central bank, the country’s balance of payment in the past nine months of the ongoing fiscal year is minus Rs 268 billion. This is the lowest it has been in the history of the country.
This time last year, Nepal’s balance of payment was positive Rs 42 billion.
In the first nine months of the current fiscal year, Nepal’s current account is at a loss of Rs 512 billion, which is over Rs 300 billion more than what it was last year.
The current account is mostly used for trade purposes.