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Remittance inflow increases by 11 per cent

March 17, 2021

KATHMANDU: The remittance inflow has increased by 11 present of late in the country. The remittance had witnessed a slump due to COVID-19 last year.

According to Nepal Rastra Bank report released today, remittance equal to 567 billion came into the county in the past seven months. The report shows that 10.9 per cent increase in remittance inflow in this period which had decreased by 0.7 per cent in the same period last year.

However, ratio of youths going abroad has fallen down significantly. During the review period, those acquiring the final labor permit decreased by 75.9 per cent, which had increased by 21.7 per cent in the same period last year.

Gross foreign exchange reserves increased 4.3 percent to Rs.1462.03 billion in mid-February 2021 from Rs.1401.84 billion in mid-July 2020. In the US Dollar terms, the gross foreign exchange reserves increased 8.0 percent to 12.57 billion in mid-February 2021 from 11.65 billion in mid-July 2020, according to the Nepal Rastra Bank.

Of the total foreign exchange reserves, reserves held by NRB increased 5.0 percent to Rs.1287.50 billion in mid-February 2021 from Rs.1226.12 billion in mid-July 2020. Reserves held by banks and financial institutions (except NRB) decreased 0.7 percent to Rs.174.53 billion in mid-February 2021 from Rs.175.71 billion in mid-July 2020. The share of Indian currency in total reserves stood at 23.8 percent in mid-February 2021.

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