Foreign exchange reserves up by over 15 percent
KATHMANDU, APRIL 12: The country's gross foreign exchange reserves increased by 15.2 percent to Rs1,401.21 billion in the first eight months of the current fiscal year, according to Nepal Rastra Bank. Such reserves had been calculated at Rs 1,244.94 billion during the same period last year.
Of the total such reserves, the reserves held by Nepal Rastra Bank rose by 17.8 percent to Rs1,244.94 billion in mid-March 2023 from Rs1,056.39 billion in mid-July 2022. Nevertheless, the reserves held by banks and financial institutions decreased 2 percent to Rs156.27 billion in mid-March 2023 from Rs159.41 billion in mid-July 2022. The share of Indian currency in the total reserves stood at 23.9 percent in mid-March.
The foreign exchange reserves of the banking sector are sufficient to cover the prospective imports of 10.9 months, and merchandise and services imports of 9.4 months.
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