KATHMANDU: Due to the tightening of remittances and imports sent by Nepalis who have gone to work abroad, the balance of payment (BOP) situation has improved.

The government has breathed a sigh of relief with the increase in the amount coming in than going out of the country.

In the first three months of the current financial year, foreign exchange reserves have reached 1246.22 billion rupees.

According to the details up to the third month of the current year released by Nepal Rastra Bank today, the total foreign exchange reserves have increased by 2.5 percent.

Along with this growth, the country’s ability to import goods has also improved.

According to the Central Bank, there has been some improvement in the external sector. At the end of the previous year, foreign exchange reserves were equal to 1215.80 billion rupees.

In terms of US dollars, the exchange reserves decreased by 0.6 percent and remained at 9.48 billion. In other previous year, such reserve was 9.54 billion rupees.

Out of the total foreign exchange reserves, the reserves in Nepal Rastra Bank were Rs 1056.39 billion at the end of fiscal year 2021/22 and increased by 4.3 percent to reach Rs 1101.60 billion at the end of the first quarter of the current fiscal year.

Similarly, according to the Central Bank, now the foreign exchange reserves have increased by 57 billion in one month to 1246 billion rupees. This amount is enough to import goods and services for 9.16 months and 8.3 months respectively.