Remmitance inflow sees a rise of 20 percent

 KATHMANDU, DECEMBER 16:  Remittance inflow in the country increased by an impressive 20.4 percent to Rs 378.04 billion in the four months of the current fiscal year. In the corresponding period last year, it had seen a decrease of 7 percent.

“In the US Dollar terms, the volume of money sent by Nepali migrant workers increased by 10.8 percent to 2.93 billion in the review period this year against a decrease of 7.3 percent in the same period last year,” according to the Nepal Rastra Bank.

The rise in remittance is ascribed to an astronomical increase in the number of outbound Nepali migrant workers. Over the review period this year, a total of 195,196 individuals took approval for foreign employment, up by 102.5 percent compared to the same period last year

. Likewise, the balance of payments (BoP) remained at a surplus of Rs 20.03 billion in the first four months of the current fiscal year. The figure was Rs 12.43 billion as of the first quarter of the fiscal year 2022/23. 

 The positive balance in the BoP was largely a result of the improved current account balance along with a rise in capital transfers. ​​​​​​​With an improved BoP, the foreign currency reserves increased by 2.5 percent to Rs 1.246 trillion (USD 9.63 billion) in the first four months of the current fiscal year. The amount is sufficient to cover the merchandise imports of 9.7 months and merchandise and services imports of 8.4 months, according to the NRB report.