Balance of Payments at surplus of Rs 147.11 billion

KATHMANDU: Country’s balance of payments (BOP) has remained at a surplus of Rs.147.11 billion.

According to a report on the current macroeconomic and financial situation of Nepal based on the data ending in mid-November, the BOP remained at a surplus of Rs.147.11 billion in the review period against a surplus of Rs.20.03 billion in the same period of the previous year.

In US Dollar terms, the BOP remained at a surplus of 1.11 billion in the review period against a surplus of 149.6 million in the same period last fiscal year.

The Nepal Rastra Bank published the report today. The current account remained at a surplus of Rs.96.38 billion in the review period against a deficit of Rs.37.79 billion in the corresponding period last year.

In US Dollar terms, the current account registered a surplus of 725.1 million in the review period against a deficit of 296.1 million in the same period last year.

In the review period, capital transfer decreased 46.6 percent to Rs.1.59 billion and net foreign direct investment (FDI) remained positive of Rs.3.64 billion.

In the same period of the previous year, capital transfer amounted to Rs.2.97 billion and net FDI amounted to Rs.429.2 million.

In the review period, merchandise imports decreased 3.8 percent to Rs.512.50 billion compared to a decrease of 18.1 percent a year ago, the report states.

Destination-wise, imports from India and other countries decreased 2.5 percent and 27.7 percent respectively while imports from China increased 34.4 percent.

Imports of readymade garments, M.S. wire rod, bars, and coils, electrical equipment, textiles, aircraft spareparts, among others increased whereas imports of crude soyabean oil, gold, petroleum products, crude palm oil, M.S. billet, among others decreased.

Based on customs points, exports from Bhairahawa, Dry Port, Jaleswor, Kanchanpur, Krishnanagar, Mechi, Rasuwa, Tatopani and Tribhuwan Airport Customs Offices increased whereas exports from all the other major customs points decreased in the review period.

On the import side, imports from Bhairahawa, Dry Port, Jaleshwor, Kanchanpur, Krishnanagar, Nepalgunj, Rasuwa and Tatopani Customs Offices increased whereas imports from all the other major customs points decreased in the review period.

Total trade deficit decreased 3.3 percent to Rs.461.94 billion during the review period.

Such a deficit had decreased 15.9 percent in the corresponding period of the previous year.

The export-import ratio decreased to 9.9 percent in the review period from 10.3 percent in the corresponding period last year.

During the review period, merchandise imports from India against payment in convertible foreign currency amounted Rs.53.84 billion.

Such amount was Rs.42.69 billion in the same period of the previous year.