Remittance up

Nepalis abroad transferred Rs12.52 billion through official channels in the last 10 months, an increase of 22.7% compared to the same period last year. The actual amount through informal channels is expected to be as much. The number of Nepalis taking labour permits has also increased by 46.6% to 459,415 in the same time. Remittances and a cap on imports has also raised Nepal's forex reserves. The Current Macroeconomic and Financial Situation of Nepal report shows that gross foreign exchange reserves increased by 18.5% to $11.30 billion in mid-June, up from $9.54 billion in the same period last year. Imports were down to Rs1480.98 billion, a decline of 16% against an increase of 27.5% a year ago.