BoP remains deficit of Rs 14.60b

Kathmandu, May 17: The overall balance of payment (BoP) of the country remained deficit of Rs. 14.60 billion during the first nine months of the current fiscal year.

The BoP was in surplus of Rs. 50.60 billion in the same period of the previous year.

The BOP had also had a deficit of Rs. 24.73 billion during the first eight months of the current fiscal year.

According to the report of Nepal Rastra Bank (NRB) on macroeconomic situation of the country, the widening current account deficit causes the deficit in overall BoP.

The current account deficit widened further to Rs. 171.64 billion in the review period from a deficit of Rs. 10.34 billion in the same period of the previous year, it stated.

The persistent current account deficit since mid-January 2017 has been posing a risk to external sector stability, NRB stated in the report.

In the review period, the flow of foreign direct investment (FDI) amounted to Rs. 14.41 billion compared to Rs. 11.07 billion in the corresponding period of the previous year.

During nine months of current fiscal year, total trade deficit widened 21.7 per cent to Rs. 816.55 billion. The export-import ratio declined to 6.8 per cent in the review period from 7.6 per cent in the corresponding period of the previous year.

Merchandise exports increased by 8.2 percent to Rs. 59.74 billion compared to an increase of 12.1 per cent in the same period the previous year.

The growth in merchandise imports remained elevated at 20.6 per cent to Rs. 876.29 billion in the review period compared to an increase of 39.7 per cent in the same period the previous year.

The workers' remittances increased by 5.6 per cent to Rs. 540.38 billion in the review period compared to a rise of 6.3 percent in the same period the previous year.

 

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