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Nepal receives Rs 1.48 billion remittance per day

Nepal received an average of Rs 1.49 billion in remittance income on a daily basis in the last fiscal year 2013-14.

The country received Rs 543.29 billion remittance in the last fiscal year 2013-14, according to the current macroeconomic situation unveiled today by the central bank.

A fiscal year ago, in 2012-13, the country had received Rs 434.58 billion in remittance.

Despite International Monetary Fund (IMF) and World Bank’s warning of decreasing remittance inflow, the country has continued to receive increased remittance inflow. The central bank has attributed the increased remittance inflow to weak Nepali currency against the US dollar and continued increased outflow of migrant Nepali workers. The data also revealed that last fiscal year witnessed outflow of some 527,814 Nepali migrant workers. A fiscal year ago in 2012-13, the country witnessed an outflow of some 453,543 migrant workers.

Likewise, the Nepali currency vis-à-vis the US dollar depreciated by 0.9 per cent in mid-July from the level of mid-July 2013.

The rise in remittance income boosted the current account that has also helped boosted the country’s foreign exchange reserve as to send overall Balance of Payment (BoP) into surplus to Rs 127.13 billion. “The gross foreign exchange reserve reached to Rs 665.41 billion in mid-July 2014, up from Rs 533.3 billion recorded in mid-July 2013, it said.