Remittance Falls By 0.5 Percent To Rs. 875.03 Billion In 2019/20
August 25, 2020 | Investopaper
Remittance inflows decreased 0.5 percent to Rs. 875.03 billion in the 12 months period of the fiscal year 2019/20. This is as per the data of ‘Current Macroeconomic And Financial Situation of Nepal’ published by Nepal Rastra Bank. In the previous fiscal year, remittance inflows had increased by 16.5 percent in the same period. In the US Dollar terms, such inflows decreased 3.3 percent in the review period. There was an increase of 7.8 percent in the corresponding period of the previous year.
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Number of Nepali workers (institutional and individual-new and legalized) taking approval for foreign employment decreased 20.5 percent in the review period. It had decreased 32.6 percent in the same period of the previous year.
Similarly, the number of Nepali workers (Renew entry) taking approval for foreign employment decreased 34.7 percent in the review period. It had increased 5.4 percent in the same period of the previous year.
Likewise, Net transfer income decreased 1.3 percent to Rs.982.22 billion in the review period. Such income had increased 10.5 percent in the same period of the previous year.
Number of Nepalese In Foreign Employment
| Country | Annual | ||
| 2017/18 | 2018/19R | 2019/20P | |
| a) Institutional and Individual (New and Legalized ) | |||
| UAE | 60243 | 62776 | 52085 |
| Saudi Arabia | 40963 | 46080 | 39279 |
| Malaysia | 104207 | 9999 | 39167 |
| Qatar | 103174 | 75024 | 29835 |
| Kuwait | 17555 | 15995 | 8974 |
| South Korea* | 8040 | 7741 | 3542 |
| Bahrain | 4862 | 4633 | 3305 |
| Jordan | 1944 | 1458 | 2374 |
| Oman | 3059 | 2722 | 1996 |
| Romania | 316 | 1178 | 1930 |
| Malta | 602 | 1717 | 1668 |
| Cyprus | 1574 | 1730 | 1447 |
| Turkey | 1814 | 1581 | 1000 |
| Japan | 761 | 959 | 939 |
| Afghanistan | 1442 | 1830 | 924 |
| Maldives | 1788 | 1974 | 887 |
| Poland | 3620 | 1108 | 184 |
| Israel | 118 | 58 | 14 |
| Lebanon | 22 | 11 | 5 |
| Other | 5919 | 5294 | 4390 |
| Total | 362,023 | 243,868 | 193,945 |
| b) Renew Entry | |||
| Total Renew Entry | 258603 | 272618 | 177980 |
Source: Department of Foreign Employment
Current Account and Balance of Payments
The current account deficit decreased 87.9 percent to Rs.32.06 billion in the review year. Such deficit was Rs.265.36 billion in the previous year. In US Dollar terms, the current account deficit remained at 326.0 million in the review year compared to 2.35 billion in the previous year.
In the review year, capital transfer decreased 8.1 percent to Rs.14.21 billion and net foreign direct investment (FDI) increased 49.1 percent to Rs.19.48 billion. In the previous year, capital transfer and net FDI amounted to Rs.15.46 billion and Rs.13.06 billion respectively.
Balance of Payments (BOP) remained at a surplus of Rs.282.41 billion in the review year against a deficit of Rs.67.4 billion in the previous year. In US Dollar terms, BOP recorded a surplus of 2.35 billion in the review year against a deficit of 591 million in the previous year.
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