October 26: Remittance inflow into the country has decreased by 6.3 per cent to Rs 155.37 billion in the first two months of the current fiscal year against an increase of 8.1 percent in the same period of the previous year, according to the latest report of Nepal Rastra Bank (NRB).
Unveiling the Current Macroeconomic and Financial Situation of Nepal based on two months’ data as of mid-September, the central bank stated that the number of Nepali workers taking permit for foreign employment increased significantly to 38,492 during this period. It had decreased by 99.2 per cent in the same period of the previous year.
During this period, merchandise exports increased 115.4 per cent to Rs 44.04 billion compared to an increase of 10.5 percent in the same period of the previous year. Destination-wise, exports to India, China and other countries increased 150.7 per cent, 20.7 per cent, and 31.0 per cent respectively, the NRB report stated.
Export of soyabean oil, palm oil, oil cakes, jute goods, polyester yarn and thread, among others, increased whereas exports of tea, medicine (Ayurvedic), wire, zinc sheet, and cardamom, among others, decreased in the first two months of the fiscal year 2021/22.
During the review period, imports increased by 75.9 per cent to Rs 314.52 billion against a decrease of 22.1 per cent a year ago. According to the central bank, imports of petroleum products, transport equipment, vehicle and parts, crude soybean oil, gold and silver increased whereas imports of chemical fertilizer, cement, tobacco, molasses sugar and pulses, among others, decreased in the review period.