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Remittance inflow increases to Rs.154 billion

Remittance-inflow

Owing to rise in the value of the US dollar, inflow of workers’ remittance in the first two months of the ongoing fiscal year has increased by 33.4 per cent to Rs 154.2 billion, as per Nepal Rastra Bank (NRB) despite a significant fall in number of outbound Nepali workers.

Also read – Foreign tourist arrivals to Nepal surged18.8 percent in August

As per data of the first two months of the ongoing fiscal year unveiled by the central bank, workers’ remittance grew to the aforementioned level against a growth of 0.7 per cent in the same period of last fiscal year. In terms of US dollar, workers’ remittance has increased by 22.3 per cent in the review period compared to 5.2 per cent in the corresponding period of the previous year, according to the report.

However, the number of Nepali workers migrating for foreign employment has decreased by 41 per cent in the review period. It had decreased by 7.2 per cent in the same period of the previous year. This decline in number of outbound Nepali workers is primarily due to the halt in labour supply to Malaysia, the NRB report states.

Meanwhile, consumer price inflation stood at 3.9 per cent in mid-September this year against 3.4 per cent in the same month last year, as per NRB. The rise in the price of non-food items and services contributed to rise in overall inflation in the review period. Inflation in non-food items and services rose to 5.8 per cent in mid-September from 4.7 per cent during the same month a year ago. A rise in the price of transportation, furnishing and household equipment, housing and utilities, clothes and footwear accounted for the increase in non-food inflation in the review month.

However, the inflation in food and beverages group eased to 1.4 per cent in mid-September this year from 1.8 per cent a year ago, according to NRB.

Similarly, the current account registered a deficit of Rs 35.56 billion in the review period owing to a significant rise in imports. The current account had registered a deficit of Rs 19.74 billion in same period of the previous year. Likewise, the overall balance of payments (BoP) remained at a deficit of Rs 25.45 billion in the review period compared to a deficit of Rs 5.87 billion in the same period of the previous year.

While the country’s total trade deficit widened further by 41.2 per cent to Rs 217.65 billion in the two months of the current fiscal, the export-import ratio declined to 6.3 per cent in the review period from 8.1 per cent in the corresponding period of the previous year.

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