Macroeconomic indicator improves: Remittance inflow jumps; Import, export and trade deficit declines

-the_farsight | Feb. 7, 2023, 4:05 p.m.

Remittance inflow has jumped by 24.3% in Nepali currency and by 13.9% in US dollars, says the NRB’s latest macroeconomic data.

Remittance inflows reached Rs 585.08 billion in the first half of the ongoing fiscal year ending last mid-January, which had earlier decreased by 5% in the last fiscal year review period.

In US dollar terms, remittance inflows reached $4.50 billion this fiscal year which had declined by 5.7% last year.

Imports decreased by 20.7%, exports by 32%, and the trade deficit by 19.2%.

Balance of Payments (BOP) remained at a surplus of Rs 97.10 billion in the review period compared to a deficit of Rs 241.23 billion in the same period of the previous year.

In US dollar terms, the BOP remained at a surplus of Rs 734.4 million in the review period against a deficit of $2.02 billion in the same period of the previous year.

Gross foreign exchange reserves increased 10% to Rs 1337.29 billion in mid-January 2023 from Rs 1215.80 billion in mid-July 2022.

In US dollar terms, the reserves increased 8% to $10.30 billion in mid-Jan 2023 from $9.54 billion in mid-July 2022.