Thursday, November 21st, 2024

Foreign exchange reserves soar by 25 billion in a month, approaching 1.6 trillion mark


17 October 2023  

Time taken to read : 2 Minute


  • A
  • A
  • A

KATHMANDU: Nepal’s foreign exchange reserves have surged to an impressive level of nearly 1.6 trillion rupees, as per the latest data released by the Nepal Rastra Bank (NRB), detailing the economic and financial situation for the initial two months of the current fiscal year, 2080/81.

In a noteworthy development, the foreign exchange reserves, which stood at 1.573 trillion rupees in Shrawan, witnessed a significant increase of 25.78 billion rupees within a single month, propelling the total reserves to a commendable 1.599 trillion rupees by the end of the Nepali month of Bhadra. This represents a robust 3.9 percent surge compared to the previous fiscal year’s closing month of Ashadh. In US dollars it is 12.1 billion, a 2.6 percent increment since Ashadh.

The current level of foreign exchange reserves is deemed adequate to cover imports for 12.6 months, as stated by the Central Bank. This ample reserve position exceeds the requirement for goods and services import coverage for 10.3 months.

By the end of Bhadra in 2080, the ratios of foreign exchange reserves concerning total domestic production, total imports, and detailed currency providers reached 29.7 percent, 86 percent, and 26.2 percent, respectively. This reflects a significant improvement over the ratios recorded at the end of Ashadh 2080, which were 28.6 percent, 83 percent, and 25.1 percent, respectively.

Publish Date : 17 October 2023 19:04 PM

India warns of ‘further damage’ to Canada ties

NEW DELHI: India warned Canada of “further damage” to already

Prime Minister Oli’s visit to China expected to further strengthen bilateral ties

KATHMANDU: A bilateral meeting was held between the leaders of

Cooperative fraud case: Former DIG Chhabilal Joshi’s statement begins in Kathmandu

KATHMANDU: The statement of Chhabilal Joshi, the then vice-chair of

Nepal-India military collaboration talks concluded at NA headquarters

KATHMANDU: Chief of the Army Staff Ashok Raj Sigdel and

Agriculture Ministry gathering details of loss and damage

KATHMANDU: The Ministry of Agriculture and Livestock has initiated data