Kathmandu: The remittance inflow of the nation increased by 27.1 percent in the first seven months of the current financial year 2079-80. According to the current micro-economic data published by the central bank, Nepal Rastra Bank, a total of Rs. 689 billion 880 million remittances were received in the seven months.
The remittance inflow had declined during the first seven months of last FY 2078-79 by 4.4 percent. Besides better placement opportunities abroad, the central bank’s restriction on domestic remittance too has brought a positive impact on remittance inflows. Remittance inflows in US dollars increased by 16.4 percent and reached USD 5.3 billion. Last year, such flow decreased by 5.3 percent in the review period.
During the review period, the number of Nepalese who took the final work permit (institutional and individual-new) for foreign employment increased by 57.3 percent and reached 3,14,767. Similarly, the number of Nepalese who renewed work permits for foreign employment increased by 10.1 percent and reached 1,67,708 in the same period. Last year such an increase was 265.9 percent during the same period.
During the review period, net transfer increased by 25.2 percent and reached Rs.759 billion 110 million. Such transfer decreased by 3.7 percent in the same period of the last FY.
Foreign Exchange Reserve Surge:
The total foreign exchange reserves(FER) increased by 13.8 percent and reached Rs.1383 billion 330 million at the end of Magh 2079. The FER was equal to Rs.1215 billion 800 million at the end of Asar 2079. Such reserves in US dollars were 9.54 billion at the end of Asar 2079 and increased by 10.2 percent to USD 10.54 billion at the end of Magh 2079.
Out of the total FER, the reserves in Nepal Rastra Bank were Rs.1056 billion 390 million at the end of Asar 2079 and increased by 16.2 percent to Rs.1228 billion 50 crores at the end of January 2079. Foreign exchange reserves with banks and financial institutions (except Nepal Rastra Bank) stood at Rs.159 billion 41 crores at the end of Asar 2079, which decreased by 2.6 percent to Rs.155 billion 28 crores at the end of Magh 2079. The share of Indian currency in the total foreign exchange reserves of Magh 2079 is 22.4 percent.
