Kathmandu: In the first month of the current fiscal year, Nepal recorded a significant increase in remittance inflows, reaching Rs 116.02 billion, marking a growth of 25.8% compared to the same period in the previous fiscal year.

This growth surpasses the 20.3% increase observed in the corresponding month of the previous fiscal year, as reported by the Nepal Rastra Bank in its release of the Current Macroeconomic and Financial Situation based on the first month's data of the current fiscal year.

The central bank also highlighted that the number of Nepali workers obtaining approval for foreign employment in the first month of the fiscal year stood at 39,152, which marked a decrease of 12.1% compared to the same period in the previous year.

Furthermore, the report noted that the current account maintained a surplus of Rs 12.99 billion during the review period, a significant turnaround from the deficit of Rs 15.13 billion recorded in the same period of the previous year.

During this period, capital transfer witnessed a notable decline of 65.9% to Rs 272.6 million, while net foreign direct investment (FDI) remained positive at Rs 2.65 billion.

The balance of payments (BOP) also showed a surplus of Rs 32.90 billion in the review period, compared to a deficit of Rs 19.76 billion during the same period in the previous fiscal year.

The Nepal Rastra Bank reported that the year-on-year consumer price inflation stood at 7.52% in mid-August, down from 8.26% in the same period the previous year. Food and beverage inflation was recorded at 8.95%, while non-food and service inflation stood at 6.42%.

Additionally, the country's exports saw a decrease of 8.7% to Rs 13.53 billion in the first month of the fiscal year, compared to a 28.7% decrease in the same period the previous year. Exports to India declined by 20.8%, while exports to China and other countries increased by 527.2% and 15.4%, respectively.

Meanwhile, the country's imports for the first month of the fiscal year decreased by 1.6% to Rs 129.24 billion, compared to a decrease of 12.9% in the same period the previous year. Imports from India and China increased by 3.3% and 17%, respectively, while imports from other countries decreased by 23.1%.