The country’s stock of foreign currency drains out at an alarming rate amid snail-pace in remittance growth
KATHMANDU, Oct 26: Nepal’s trade deficit widened by 68.13 percent to Rs 543.57 billion in the first three months of the current fiscal year.
Nepal’s trade deficit widens by 56.83 percent to Rs 568.17 bill...
The worsening trade balance has added pressure in foreign currency reserves which has been going down in recent days mainly due to the falling rate of remittance earnings. The country’s balance of payments, one of the main macroeconomic indicators, has been reeling under negative balance in the past few months due to a whopping rise in imports along with slow rate of remittance inflows.
The records with the Department of Customs (DoC) show that import expenses surged by 63.73 percent to Rs 478.52 billion during mid-July and mid-October this year. Although the export volume was also doubled, the country’s earning on the heading was mere Rs 65 billion.
