Record inflow of remittance and reduction in imports of goods owing to the decrease in demands has ushered in the economy in a comfortable zone in terms of external sector management. Due to depleting foreign currency reserves because of the massive growth in imports of goods, including luxury items like cars and liquors, the external sector pressure had significantly increased in the aftermath of the COVID-19 pandemic, and the experts had feared the country could experience the 'Sri Lankan' fate. Sri Lanka had then run out of foreign currency reserves and had failed even to service its loans. The remittance inflows in the first month of the current Fiscal Year 2023/24 (mid-July to mid-August 2023) have increased by 25.8 per cent to Rs.116.02 billion compared to an increase of 20.3 per cent in the same period the previous year, according to a monthly report published by the Nepal Rastra Bank (NRB) on Sunday. Last year, remittance inflow in the first month stood at Rs. 92.21 billion. Shrawan (mid-July to mid-August) is the ninth month that continuously witnessed more than Rs. 100 billion remittance inflow.
