KATHMANDU, SEPTEMBER 17

The remittance inflows in the country has increased 25.8 per cent to Rs116.02 billion in the first month of the current fiscal year compared to an increase of 20.3 per cent in the same period of the previous fiscal year, the Nepal Rastra Banks said on Sunday by releasing the Current Macroeconomic and Financial Situation of the country based on first month data of the current fiscal year.

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Illustration: Ratna Sagar Shrestha/THT

Remittance inflow increased by 21.2 per cent

The government’s decision to give continuity to the ban on import of certain non-essential items limited the country’s trade deficit to Rs 359.18 billion in the first three months (mid-July to mid-October) of the current fiscal year 2022-23.

Trade deficit narrowed by Rs 265 billion in fiscal year 2022-23

Likewise, the central bank said that the number of Nepali workers taking approval for foreign employment remained 39,152 in the first month, which was decreased 12.1 per cent compared to the same period of the last year.

According to the central bank, the current account remained at a surplus of Rs12.99 billion in the review period against a deficit of Rs 15.13 billion in the same period of the previous year.

During the period, capital transfer decreased 65.9 percent to Rs 272.6 million and net foreign direct investment (FDI) remained a positive of Rs 2.65 billion.

Likewise, the balance of payments (BOP) remained at a surplus of Rs 32.90 billion in the review period, which was at a deficit of Rs 19.76 billion in the same period of the last fiscal year.

According to the NRB, the year-on-year consumer price inflation remained 7.52 per cent in mid-August compared to 8.26 per cent a year ago. Food and beverage inflation stood at 8.95 per cent whereas non-food and service inflation stood at 6.42 per cent, the central bank said.

Furthermore, country's exports decreased 8.7 per cent to Rs 13.53 billion compared to a decrease of 28.7 per cent in the same period of the previous year. It said exports to India decreased 20.8 per cent whereas export to China and other countries increased 527.2 per cent and 15.4 per cent respectively.

During the first month of this fiscal year, country's imports decreased 1.6 per cent to Rs 129.24 billion compared to a decrease of 12.9 per cent a year ago.

Destination-wise, imports from India and China increased 3.3 per cent and 17 per cent while imports from other countries decreased 23.1 per cent.