Remittances reach Rs 687 billion in first four months of fiscal year 2082/83

Kathmandu: Nepal has received remittances totaling Rs 687.13 billion in the first four months of the current fiscal year 2082/83, marking a 31.4 percent increase compared to the same period last year.

According to the economic and financial situation report released by Nepal Rastra Bank, remittances worth Rs 133.82 billion were received in the month of Kartik alone, up from Rs 114.31 billion in the same month last year.

The report also shows a decline in the number of Nepalis going for foreign employment during this period. A total of 145,973 individuals obtained final work permits, while 127,837 received re-work permits. In comparison, 147,478 people received final permits and 94,105 received re-work permits in the same period last year.

Foreign exchange reserves have reached Rs 3,055.52 billion, up 14.1 percent from Rs 2,677.68 billion recorded in mid-Ashar. The current account has posted a surplus of Rs 279.65 billion over the past four months, and the overall balance of payments is in surplus by Rs 318.40 billion.

Merchandise exports in the first four months rose by 77.5 percent to Rs 93.5 billion, while imports increased by 18.7 percent to Rs 609.45 billion, resulting in a merchandise trade deficit of Rs 515.96 billion, up 12 percent.

Consumer inflation for the month of Kartik stood at 1.11 percent, compared to 5.60 percent in the same period last year.