Remittance continues to help boost Nepali economy as BOP increases along with foreign reserves

Remittance inflow remittance-driven economy
Image for representation only: Remittance inflow

Kathmandu, February 6

In the Nepali month of Poush (December 17, 2023, to January 14), remittances equal to nearly Rs 120 billion were received by the country.

According to the half-yearly financial statement released by Nepal Rastra Bank, remittances equal to Rs 119.97 billion have been sent to Nepal over the month.

This has taken the total remittance arrival to Rs 733.22 billion in the first six months of the current fiscal year.

According to the Nepal Rastra Bank, remittances in US dollars have increased by 22.6 per cent during the same period.

In the first six months of the current financial year, a total of USD 5.52 billion in remittances has been received.

The balance of payments has also increased as expected due to the rise in remittances and a decrease in trade deficit.

Similarly, the foreign exchange reserve has also increased as it currently stands at Rs 1.816 trillion. According to NRB, in terms of US Dollars, the foreign exchange reserve stands at USD 13.69 billion. Foreign exchange reserves have increased by 18 per cent compared to mid-July 2023.

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