BOP deficit of Nepal reaches Rs 58.99 arba climbing by 138% since last Falgun; Remittance contributing to 26.2% of GDP

The position of Nepal is continuously deteriorating in external sector in case of current as well as capital accounts. The trade deficit as of Falgun 2075 stands at Rs 8.87 kharba, which was Rs 7.13 kharba last Falgun registering a growth of Rs 24.5%.

Similarly, the current account deficit has also risen by 23.31% amounting to Rs 1.91 kharba up from Rs 1.54 kharba of Falgun 2074. The most depressing of all is the Balance of Payments (BOP) figure. The BOP deficit has risen to Rs 58.99 arba up from Rs 24.73 arba by 138.5%.

The remittance, on the other hand, in on a rising trend. Nepal received a total of Rs 5.82 kharba as remittance till Falgun 2075, which is an increment of 23.4% from Rs 4.7 kharba in Falgun 2074. According to the MoF's economic survey, the remittance accounts for 26.2% of the total GDP of Nepal.