Banking Khabar / Central Bank Releases Nine-Month Economic Report; Remittance Inflows Surge by 39.1 Percent
Nepal’s Central Bank has published its nine-month economic report for the current fiscal year, revealing a remarkable rise in remittance inflows despite a decline in the number of Nepalis seeking foreign employment permits.
According to the report, remittance inflows increased by 39.1 percent during the review period, reaching NPR 1.659 trillion. In the same period last year, remittances had grown by 10.2 percent. In Chaitra 2082 alone, Nepal received NPR 209.75 billion in remittances, which is NPR 139 billion higher compared to the corresponding month of the previous year.
Although fewer Nepalis obtained labor permits for foreign employment, remittance earnings continued to climb significantly. During the review period, 294,186 individuals received new labor approvals, while 293,259 renewed their labor permits.
Meanwhile, the country’s annual point-to-point consumer inflation rate stood at 4.47 percent in Chaitra of the current fiscal year, compared to 3.39 percent during the same month last year. The report shows that inflation in the food and beverage category reached 4.01 percent, while the non-food and services category recorded 4.72 percent inflation.
The report further highlights a rise in Nepal’s foreign trade deficit during the first nine months of the fiscal year, even as exports also increased. Total merchandise exports rose by 18.5 percent to NPR 222.94 billion. In the same period last year, exports had surged by 65.2 percent. Likewise, imports increased by 13.8 percent, reaching NPR 1.490 trillion.
