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Friday, March 15, 2019

Remittances surge 28.5 per cent in seven months of current FY

KATHMANDU: As per the statistics revealed by Nepal Rastra Bank on Friday, the country has witnessed a surge in remittances by 28.9 per cent in seven months of the fiscal 2018/19 when compared to same period last year.

The NRB in its macroeconomic and financial situation review informed that the country saw an inflow of Rs 515.55 billion in remittances through August 2018 to February 2019.

However, the ever-widening trade deficit has also continued to increase at an increasing rate with the Balance of Payments (BOP) deficit measured at Rs 49.32 billion, a spike of staggering 169.80 per cent, in the review period when compared to same period last year.

Source: NRB

Imports of commodities and other goods from India and China were up by 24.8 per cent and 36.6 per cent respectively. Meanwhile, the exports to the southern neighbour increased by 21.1 per cent and exports to China declined by 31.1 per cent.

Likewise, the total Foreign Direct Investment (FDI) posted saw more than 50 per cent decrease from Rs 10.64 billion in the first seven months of 2017/18 to Rs 5.15 billion this fiscal.

Source: NRB

Similarly, the year-on-year consumer price inflation has been measured at 4.4 per cent, a slight decline from 5 per cent during the same period in the last fiscal.

The post Remittances surge 28.5 per cent in seven months of current FY appeared first on The Himalayan Times.



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