First Business News Portal in English from Nepal
KATHMANDU: The COVID-19 crisis has not much affected the inflow of money to Nepal against anticipations that the pandemic and its impact remittance would leave larger impact on economy like Nepal which heavily depends on money sent home by Nepalis abroad.
As per statistics released by the Nepal Rastra Bank (NRB), remittance inflows increased by 12.6 percent to Rs 258.86 billion in the first three months of 2020-21 against a decrease by 5.1 percent in the same period of the previous year.
In the US dollar terms, remittance inflows increased by 7.6 percent to 2.18 billion in the review period against a decrease of 4.7 percent in the same period of the previous year. Interestingly, number of Nepali workers (institutional and individual-new and legalized) taking approval for foreign employment has decreased by 96.8 percent in the review period.
As the result of rise in inflow of remittance and limited imports, the balance of payment (BoP) situation of the country is also at surplus of Rs 101.09 in the review period. Such surplus was Rs 14.43 billion in the same period of the previous year.
In three months of 2020-21, merchandise imports decreased 12.7 percent to Rs 292.27 billion compared to a decrease of 10.3 percent a year ago. Similarly, merchandise exports increased by 14.3 percent to Rs 31.05 billion compared to an increase of 14.4 percent in the same period of the previous year.
Total trade deficit narrowed down 15.1 percent to Rs 261.22 billion in three months of 2020-21. Such deficit had contracted 12 percent in the same period of the previous year.
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