Remittance inflows surge 35.4% in first quarter of current fiscal year
In the same period last year, remittance inflows had increased by only 11.9%, reaching Rs 408.77 billion.
KATHMANDU: Nepal recorded a significant rise in remittance inflows during the first three months of the current fiscal year, with receipts jumping 35.4% to Rs 553.31 billion, according to data released by Nepal Rastra Bank.
In the same period last year, remittance inflows had increased by only 11.9%, reaching Rs 408.77 billion.
In the first month (Saun) of the current fiscal year, remittance inflows grew 29.9% to Rs 177.41 billion, while in Bhadra, inflows rose 33.1%, reaching Rs 352.08 billion.
The current account remained in surplus, posting Rs 237.59 billion, while the balance of payments (BoP) showed a surplus of Rs 264.03 billion in the first quarter.
In the same period last fiscal year, the current account surplus stood at Rs 115.36 billion, and the BoP surplus at Rs 184.99 billion.
Similarly, Nepal’s total goods exports rose 89.6% to Rs 72.78 billion in the first quarter, while goods imports increased 19.8% to Rs 468.08 billion.
As a result, the total trade deficit widened by 12.2%, reaching Rs 395.30 billion.
