KATHMANDU: The remittance flow into the country has seen a rise despite impact of the COVID-19 pandemic. The remittance flow is seen increasing as the formal channels is made stronger after controlling the illegal channels.
According to NRB report released today, remittances have increased 9.8 per cent in Nepali rupee and 8.2 per cent in USD. The annual average inflation remained at 3.60 per cent in the country.
The NRB further mentioned that imports increased by 28.7 percent while exports increased by 44.4 percent in the period. In the previous year, imports had decreased by 15.6 percent and exports increased by 0.6 percent.
The NRB said that the balance of payments remained at a surplus of Rs.1.23 billion compared to a surplus of Rs.282.41 billion last year. Similarly, the gross foreign exchange reserves stood at USD 11.75 billion. This level of foreign exchange reserve is sufficient to cover the merchandise and services imports for 10.2 months, NRB said.
The broad money (M2) expanded 21.8 percent and deposits at Banks and Financial Institutions expanded 21.4 percent and claims on the private sector expanded 26.4 percent.
Total deposits at BFIs stood at Rs.4663 billion and claims on the private sector amounted to Rs.4136 billion.
Major Highlights
– Annual average Inflation remained 3.60 percent.
– Imports increased 28.7 percent and exports increased 44.4 percent. In the previous year, imports decreased 15.6 percent and exports increased 0.6 percent.
– Remittances increased 9.8 percent in Nepalese rupee and 8.2 percent in USD.
– Balance of Payments remained at a surplus of Rs.1.23 billion compared to a surplus of Rs.282.41 billion last year.
– Gross foreign exchange reserves stood at USD 11.75 billion. This level of foreign exchange reserve is sufficient to cover the merchandise and services imports for 10.2 months.
– Broad money (M2) expanded 21.8 percent.
– Deposits at Banks and Financial Institutions expanded 21.4 percent and claims on the private sector expanded 26.4 percent.
– Total deposits at BFIs stood at Rs.4663 billion and claims on the private sector amounted to Rs.4136 billion.
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