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Machhapuchre Bank

Alarming economic scenario

Kathmandu, 30 September: Recent report unveiled by Nepal Rastra Bank (NRB) has presented very alarming economic scenario.

The report state that the country’s current account deficit registered deficit of Rs 17.88 billion compared to Rs 11.12 billion in the corresponding period of the previous fiscal. Balance of payments deficit also increased to Rs 5.87 billion as the trade deficit increased alarmingly by a whopping 12 per cent compared to the corresponding period of the previous fiscal to stand at Rs 151.83 billion in the first two months.

Foreign trade export-import ratio is recorded at 1:12 in the review period compared to 1:11 in the same period of the previous fiscal. The country imported goods worth Rs 165.4 billion against exports of Rs 13.58 billion in the review period. Import of petroleum products, vehicles and machinery parts surged in the review period.

Remittance inflow has declined to 0.7 per cent in the review period compared to 6.6 per cent of the previous fiscal year.

Due to increase of the US dollar price and also continuously incline of the petroleum products, the country may suffer more in the days to come.

People’s News Monitoring Service

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