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Current Account Deficit Declines, BoP Surplus Rises
1 min 29 sec to read
July 19: The current account deficit of Nepal till mid-June in the last fiscal year was Rs 1.72 billion. Nepal Rastra Bank (NRB) made such announcement on July 18 while unveiling a report on economic and financial status of Nepal in 11 months of FY 2016/17. In the corresponding period of the previous FY, the current account surplus of Nepal was Rs 130 billion. According to the report, sharp rise in import of goods resulted in the deficit last year.
During the review period, net services income registered a surplus. This has led to Rs 74.26 billion in surplus in the overall balance of payment (BoP) of the country. However, the BoP in the corresponding period of the previous year was Rs 171 billion in surplus.
The BoP remained in surplus during the last fiscal year due to capital transfer of Rs 12.23 billion and direct foreign investment of Rs 12.27 billion, according to NRB.
The current account was in deficit from the start of the last fiscal year but saw some improvement in the last three months. The current account deficit started gradually declining since mid-April.
According to NRB, the decline in current account deficit owes much to the income generated by the tourism industry. During that period, the income from tourism industry increased by 41.8 percent as compared to the previous year. The income from tourism sector was Rs 55.2 billion.
In the first 11 months of FY 2016/17, the export of goods increased by 10.4 percent for a total sale of Rs 68.62 billion. In the previous year, the export dropped by 20.1 percent.
Meanwhile, the total import increased by 30.9 percent in the review period for a total import of Rs 896.57 billion. Import had decreased by 0.9 percent in the corresponding period of the previous year.
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'content' => '<p>July 19: The current account deficit of Nepal till mid-June in the last fiscal year was Rs 1.72 billion. Nepal Rastra Bank (NRB) made such announcement on July 18 while unveiling a report on economic and financial status of Nepal in 11 months of FY 2016/17. In the corresponding period of the previous FY, the current account surplus of Nepal was Rs 130 billion. According to the report, sharp rise in import of goods resulted in the deficit last year.</p>
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<p>The current account was in deficit from the start of the last fiscal year but saw some improvement in the last three months. The current account deficit started gradually declining since mid-April. </p>
<p>According to NRB, the decline in current account deficit owes much to the income generated by the tourism industry. During that period, the income from tourism industry increased by 41.8 percent as compared to the previous year. The income from tourism sector was Rs 55.2 billion.</p>
<p>In the first 11 months of FY 2016/17, the export of goods increased by 10.4 percent for a total sale of Rs 68.62 billion. In the previous year, the export dropped by 20.1 percent.</p>
<p>Meanwhile, the total import increased by 30.9 percent in the review period for a total import of Rs 896.57 billion. Import had decreased by 0.9 percent in the corresponding period of the previous year. </p>
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View::_renderElement() - CORE/Cake/View/View.php, line 1224
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View::_evaluate() - CORE/Cake/View/View.php, line 971
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Controller::render() - CORE/Cake/Controller/Controller.php, line 968
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Dispatcher::dispatch() - CORE/Cake/Routing/Dispatcher.php, line 167
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Warning (2): simplexml_load_file() [<a href='http://php.net/function.simplexml-load-file'>function.simplexml-load-file</a>]: I/O warning : failed to load external entity "" [APP/View/Elements/side_bar.ctp, line 133]
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'title' => 'Current Account Deficit Declines, BoP Surplus Rises',
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'summary' => 'The current account deficit of Nepal till mid-June in the last fiscal year was Rs 1.72 billion. ',
'content' => '<p>July 19: The current account deficit of Nepal till mid-June in the last fiscal year was Rs 1.72 billion. Nepal Rastra Bank (NRB) made such announcement on July 18 while unveiling a report on economic and financial status of Nepal in 11 months of FY 2016/17. In the corresponding period of the previous FY, the current account surplus of Nepal was Rs 130 billion. According to the report, sharp rise in import of goods resulted in the deficit last year.</p>
<p>During the review period, net services income registered a surplus. This has led to Rs 74.26 billion in surplus in the overall balance of payment (BoP) of the country. However, the BoP in the corresponding period of the previous year was Rs 171 billion in surplus.</p>
<p>The BoP remained in surplus during the last fiscal year due to capital transfer of Rs 12.23 billion and direct foreign investment of Rs 12.27 billion, according to NRB.</p>
<p>The current account was in deficit from the start of the last fiscal year but saw some improvement in the last three months. The current account deficit started gradually declining since mid-April. </p>
<p>According to NRB, the decline in current account deficit owes much to the income generated by the tourism industry. During that period, the income from tourism industry increased by 41.8 percent as compared to the previous year. The income from tourism sector was Rs 55.2 billion.</p>
<p>In the first 11 months of FY 2016/17, the export of goods increased by 10.4 percent for a total sale of Rs 68.62 billion. In the previous year, the export dropped by 20.1 percent.</p>
<p>Meanwhile, the total import increased by 30.9 percent in the review period for a total import of Rs 896.57 billion. Import had decreased by 0.9 percent in the corresponding period of the previous year. </p>
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'content' => '<p>July 19: The current account deficit of Nepal till mid-June in the last fiscal year was Rs 1.72 billion. Nepal Rastra Bank (NRB) made such announcement on July 18 while unveiling a report on economic and financial status of Nepal in 11 months of FY 2016/17. In the corresponding period of the previous FY, the current account surplus of Nepal was Rs 130 billion. According to the report, sharp rise in import of goods resulted in the deficit last year.</p>
<p>During the review period, net services income registered a surplus. This has led to Rs 74.26 billion in surplus in the overall balance of payment (BoP) of the country. However, the BoP in the corresponding period of the previous year was Rs 171 billion in surplus.</p>
<p>The BoP remained in surplus during the last fiscal year due to capital transfer of Rs 12.23 billion and direct foreign investment of Rs 12.27 billion, according to NRB.</p>
<p>The current account was in deficit from the start of the last fiscal year but saw some improvement in the last three months. The current account deficit started gradually declining since mid-April. </p>
<p>According to NRB, the decline in current account deficit owes much to the income generated by the tourism industry. During that period, the income from tourism industry increased by 41.8 percent as compared to the previous year. The income from tourism sector was Rs 55.2 billion.</p>
<p>In the first 11 months of FY 2016/17, the export of goods increased by 10.4 percent for a total sale of Rs 68.62 billion. In the previous year, the export dropped by 20.1 percent.</p>
<p>Meanwhile, the total import increased by 30.9 percent in the review period for a total import of Rs 896.57 billion. Import had decreased by 0.9 percent in the corresponding period of the previous year. </p>
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include - APP/View/Elements/side_bar.ctp, line 133
View::_evaluate() - CORE/Cake/View/View.php, line 971
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View::_renderElement() - CORE/Cake/View/View.php, line 1224
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include - APP/View/Articles/view.ctp, line 391
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