Nepal | August 04, 2020

Nepal’s Balance of Payments (BOP) situation at an impressive Rs 179.37 billion

Himalayan News Service
Share Now:


The country’s balance of payments (BOP) situation stands at an impressive position despite the economic downfall that countries across the world, including Nepal, are facing today due to the COVID-19 pandemic, thanks to narrowed down trade deficit due to limited import in the last few months.

As per the Macroeconomic and Financial Situation Report of the first 11 months of fiscal year 2019-20 released by Nepal Rastra Bank (NRB) today, the country’s BoP remained at a surplus of Rs 179.37 billion in the review period against a deficit of Rs 90.83 billion in the same period of the previous year.

The balance of payments is a statement of all transactions made between entities in one country and the rest of the world over a defined period of time. The surplus BoP also resulted in a boost in the country’s foreign exchange reserve by 25.8 per cent to Rs 1,306.46 billion in mid-June 2020 from Rs 1,038.92 billion in mid-July 2019 — the start of the current fiscal.

As per the NRB report, the total trade deficit narrowed down by 16.4 per cent to Rs 1,012.81 billion in the 11 months of 2019- 20. Such deficit had expanded by 17.2 per cent in corresponding period of previous year.

The current account, however, recorded a deficit of Rs 71.64 billion in the review period.

Such deficit was Rs 249.08 billion in the same period of the previous year.

Meanwhile, remittance inflow decreased by three per cent to Rs 774.87 billion in the review period against an increase of 17.5 per cent in the same period of the previous year, as per the central bank. The number of Nepali workers (institutional and individual — new and legalised) taking approval for foreign employment decreased by 12.4 per cent in the review period.

It had decreased by 35.7 per cent in the same period of the previous year.

A version of this article appears in e-paper on July 17, 2020, of The Himalayan Times.

Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Nepal COVID-19 Update: 418 new cases, 358 recoveries recorded Monday

KATHMANDU: Nepal’s Health Ministry, in its regular press briefing, shared the latest updates on the coronavirus contagion from across the country, and government’s response to the health crisis. As of today, 398,907 tests through Polymerase Chain Reaction (PCR) method have been carried ou Read More...

Thrashing of security guard in Malaysia: Sufferer, assailant Nepali nationals

KATHMANDU: The Embassy of Nepal in Malaysia has issued a statement on the thrashing of a security guard that took place in the capital city of Kuala Lumpur on the morning of July 7. The video showing a security guard being thrashed recently went viral on various social media. The embassy had e Read More...

Worldwide coronavirus cases cross 18.14 million, death toll at 688,080

LONDON: More than 18.14 million people have been reported to be infected by the novel coronavirus globally and 688,080​ have died, according to a Reuters tally. Infections have been reported in more than 210 countries and territories since the first cases were identified in China in December 20 Read More...

Lamjung district map

Woman missing after being swept away in a Tuin accident in Lamjung

LAMJUNG: A woman has been reported missing in Dordi Rural Municipality-6, Lamjung, after plunging into a river while using Tuin (wire bridge) to cross it. The missing woman has been identified as Phulmaya Gurung, 32, of Simi village in the municipality. According to Inspector Om Prakash Pun a Read More...

Former king Juan Carlos decides to leave Spain amid corruption allegations

Prosecutors looking into bribe allegations Pressure had been building on royals to take action Former king remains "at the disposal" of prosecutors The 82-year-old helped guide Spain back to democracy MADRID: Spain's former king Juan Carlos has decided to leave his country, a drama Read More...

Ruling party co-chairs stick to their guns

Oli to remain PM till general election, co-chair till General Convention: NCP leader Gokul Baskota Kathmandu, August 3 Co-chairs of the ruling Nepal Communist Party (NCP) Pushpa Kamal Dahal and KP Sharma Oli held talks today in an attempt to break the current impasse in the party, but failed to Read More...

Airlines seek permission to resume flights

Airline companies have to resubmit their proposal for slots if flight operations are halted for more than 60 days Kathmandu, August 3 The government's decision to resume domestic and international flights from August 17 has prompted airline companies to start submitting their proposals to the Ci Read More...

Dhading bans sand mining during monsoon

Dhading, August 3 In view of increasing deaths related to river mining, the authority in Dhading decided to impose a complete ban on sand mining from rivers in the district during the monsoon season. There is already a rule that bans mining of river products using heavy equipment during the ra Read More...