According to the macroeconomic report released by Nepal Rastra Bank (NRB), the country’s balance of payment (BoP) surplus now stands at Rs 46.31 billion in the first fourth months of the current fiscal year due to significant increase in migrant workers’ remittance and tourism income.
NRB started compiling BoP from 1974 and last year the country had a BoP deficit of Rs 5.72 billion and the current BoP is the highest ever record so far. Migrant workers’ remittances increased by 34.2 percent to Rs 103.2 billion in the first fourth months of the current fiscal year. Tourism income also rose by 33.4 percent.
Nepal’s total trade deficit during the first four months of current fiscal year increased by 12.1 percent to Rs 111.8 billion. Imports from India increased by 4.2 percent whereas imports from other countries increased by 28 percent during the period. Nepal only managed to export Rs 23.69 billion worth of goods during this period.
Consumer prices increased by 8.5 percent during the last two months and prices of vegetables have risen by 30 percent while transportation costs went up by 13.4 percent.