KATHMANDU: In the first ten months of the current fiscal year, remittances amounting to nearly Rs 1.2 trillion have flowed into Nepal.
According to a report on the current economic and financial status released by Nepal Rastra Bank (NRB) on Monday, remittances reached Rs 1.198 trillion by the end of Baisakh (mid-May).
During the review period, remittance inflows increased by 19.2 percent, as stated by the central bank.
In the same period last year, remittance inflows had grown by 23.4 percent.
In terms of US dollars, remittance inflows rose by 17.1 percent, reaching USD 902 million, compared to a 13.4 percent increase in the previous year.
The central bank’s report also indicates that Nepal’s foreign exchange reserves are sufficient to cover imports of goods and services for 12.5 months.
By the end of Baisakh 2081 (mid-May 2024), the total foreign exchange reserves had increased by 26.2 percent, reaching Rs 1.942 trillion from Rs 1.539 trillion at the end of Asar 2080 (mid-July 2023).
“Based on the import figures of the first ten months of the fiscal year 2080-81, the foreign exchange reserves held by the banking sector are sufficient to cover 15.1 months of goods imports and 12.6 months of goods and services imports,” the NRB report stated.
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