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Remittance inflow up by 8.6% in past 8 months

Kathmandu, April 13

Nepal has received Rs 642.14 billion in remittance in the first eight months (mid-July 2020 to mid-March 2021) of the current fiscal year.

“Remittance inflow increased by 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 terms of the USD, remittance inflow increased by 5 per cent to USD 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.

However, the central bank said that the number of Nepali workers obtaining approval for foreign employment decreased by 74.8 per cent in the review period. It had increased by 24.2 per cent in the same period of the previous year.

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 terms of the USD, 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, the central bank stated.

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