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    {"id":29472,"date":"2020-09-28T15:10:37","date_gmt":"2020-09-28T09:40:37","guid":{"rendered":"https:\/\/www.nepalisansar.com\/?p=29472"},"modified":"2020-09-28T15:10:37","modified_gmt":"2020-09-28T09:40:37","slug":"against-general-expectation-remittance-spikes-23-in-the-first-month-of-fy-2020-21","status":"publish","type":"post","link":"https:\/\/www.nepalisansar.com\/government\/against-general-expectation-remittance-spikes-23-in-the-first-month-of-fy-2020-21\/","title":{"rendered":"Against General Expectation, Remittance Spikes 23% in the First Month of FY 2020\/21"},"content":{"rendered":"

    Against all expectations that foreign remittances would suffer a severe hit due to the ongoing pandemic, Nepal has seen a significant rise in remittance inflow in the first month of the fiscal year 2020\/21.<\/p>\n

    According to the Nepal Rastra Bank (NRB), the remittance inflow has increased by 23% to reach a whooping NPR 92.71 billion in the review month (mid-July to mid-August), up by 2% from the previous fiscal.<\/p>\n

    As per the NRB Spokesperson Gunakar Bhatta, the remittance inflow has increased significantly as Nepalis abroad were compelled to transfer funds home only through the formal channels.<\/p>\n

    \u201cThe returnees have also brought back cash in recent months, while they used to splurge on gifts and other personal items earlier,\u201d he added.<\/p>\n

    Meanwhile, Senior Economist Chandra Mani Adhikari expressed that the impact of the coronavirus pandemic on remittance is not quite visible yet.<\/p>\n

    \u201cThousands of Nepali migrants employed abroad, especially in the Gulf nations, are expected to return, which will take a bite out of the remittance in the coming months for sure,\u201d he said.<\/p>\n

    On the other hand, Nepal\u2019s trade deficit has declined by 24.93% during the first two months (mid-July to mid-September) of the current FY.<\/p>\n

    According to the Department of Customs, the country’s imports during the review period have declined by 22.07% to NPR 178.84 billion. Imports, in the same period last fiscal, fell by 1.22%.<\/p>\n

    According to the Ministry of Industry, Commerce, and Supplies, the notable dip in imports this fiscal was primarily due to the trade restrictions and lockdown measures enforced by the Nepali Government amid the pandemic.<\/p>\n

    The drop in fossil fuel consumption was considered to be the prime factor for the downfall of the nation\u2019s total imports expenses. The country\u2019s expenses on petroleum products fell almost to one-third due to the travel bans and vehicular movement restrictions during the lockdown.<\/p>\n

    According to the government records, Nepal spent NPR 8.71 billion on petroleum expenses in the review period in the current fiscal, a drastic fall from NPR 27.14 billion in the review period last year.<\/p>\n