Remittance inflow into Nepal in the first month of the current fiscal increased 18 percent to Rs 136.93 billion compared to an increase of 22.8 percent in the corresponding month of the last fiscal year, according to the latest report of Nepal Rastra Bank (NRB).

The central bank in its Current Macroeconomic and Financial Situation Report published on Thursday mentions that remittance inflow in terms of US dollars reached 1.02 billion in the review period which was 879.8 million in the same period of the previous year.

The current account remained at a surplus of Rs. 30.89 billion, up from Rs 13.37 billion in the previous year.

The country’s Balance of Payments (BOP) remained in surplus at Rs. 40.90 billion, compared to a surplus of Rs 36.43 billion in the same month of the previous year. 

Consumer price inflation has also moderated to 4.10 percent, down from 7.52 percent in the previous year.

Additionally, the country’s gross foreign exchange reserves increased by 2.5 percent to Rs 2,092.22 billion.

The report also indicates a decrease in both imports and exports, with imports falling by 0.6 percent and exports dropping by 9.6 percent.

The trade deficit has increased marginally by 0.4 percent to Rs 116.15 billion compared to a 0.7 percent decrease in the corresponding period of the previous year, the report added.

Foreign direct investment (FDI) experienced a significant decline of 69.8 percent, falling to just Rs 799.8 million in the review period compared to Rs 2.65 billion a year earlier.

The report noted that the number of Nepali workers receiving first-time approvals for foreign employment was 36,928, with 22,647 approvals for re-entry. This represents a decline from the previous year's figures of 39,152 and 16,423, respectively.