Kathmandu — In July alone, NPR 177,410,000,000 entered the country as remittances. This is a 29.9% increase from the same month last year. In July last year, remittance inflows were NPR 136,600,000,000.

In US dollar terms, remittance inflows rose 25% to USD 1,270,000,000 in July. Last year the dollar inflow rose 15.8% in the same month.

During the same period, 44,466 Nepalese received final labor approval for foreign employment (institutional and individual, new), and 23,644 people renewed their labor approval. In the same month last year, those numbers were 36,928 and 22,647, respectively.

The current account was in surplus by NPR 78,140,000,000 in July. In the same month last year the current account was in surplus by NPR 33,080,000,000. In US dollar terms, the current account surplus was USD 560,000,000 in the review month, up from USD 250,000,000 in the same month last year.

On the balance of payments, the post-clearance position was in surplus by NPR 89,300,000,000 in the first month of the fiscal year. A year earlier, the post-clearance position was in surplus by NPR 40,900,000,000. In US dollar terms that was USD 640,000,000 in the review period and USD 310,000,000 in the same month last year.

By the end of July, foreign exchange reserves reached NPR 2,806,040,000,000. At the end of Ashad 2082 the reserve was NPR 2,677,680,000,000. In US dollars, the reserve was USD 19,500,000,000 at the end of Ashad and rose 2.7% to USD 20,030,000,000 at the end of Shrawan.

Based on the first month’s imports in the current fiscal year, the reserves can cover 20.4 months of goods imports and 16.6 months of goods and services imports. The central bank set a target this year to hold reserves sufficient for 7 months of imports.

Inflation and price details:

• Annual point-to-point consumer price inflation in July: 1.68% (last year 4.09%).
• Food and beverage inflation: 2.28% (last year 6.17%).
• Non-food and services inflation: 3.95% (last year 2.94%).

Selected food subgroups (annual point-to-point change):

• Ghee and oil: +10.97%
• Non-alcoholic beverages: +4.64%
• Fruits: +3.01%
• Vegetables: −18.56%
• Spices: −4.81%
• Fish and meat: −2.41%

Selected non-food subgroups (annual point-to-point change):

• Miscellaneous goods and services: +10.60%
• Education: +7.67%
• Clothing and footwear: +6.84%
• Furnishings and household equipment: +5.06%
• Tobacco products: +4.68%
• Insurance and financial services: −0.22%