Foreign exchange reserves rise by 27.8 percent « Khabarhub
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Foreign exchange reserves rise by 27.8 percent

11 July 2024  

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KATHMANDU: The country’s gross foreign exchange reserves have increased by 27.8 percent, reaching Rs. 1967.19 billion as of mid-June 2024, up from Rs. 1539.36 billion in mid-July 2023.

In US dollar terms, the gross foreign exchange reserves rose by 25.7 percent, reaching $14.72 billion in mid-June 2024, up from $11.71 billion in mid-July 2023.

According to a statement released on the ‘Current Macroeconomic and Financial Situation’ of the country, based on data from the past 11 months ending mid-June, reserves held by the Nepal Rastra Bank (NRB) increased by 30.2 percent to Rs. 1752.77 billion, up from Rs. 1345.78 billion in mid-July 2023.

Reserves held by other banks and financial institutions increased by 10.8 percent to Rs. 214.42 billion, up from Rs. 193.59 billion in mid-July 2023.

The share of Indian currency in total reserves stood at 22.3 percent in mid-June 2024.

The Balance of Payments (BOP) surplus increased to Rs. 425.67 billion in the review period, compared to a surplus of Rs. 224.9 billion in the same period of the previous year.

The current account posted a surplus of Rs. 200.39 billion, a significant turnaround from a deficit of Rs. 79.53 billion in the same period of the previous year.

Capital transfer decreased by 25.7 percent to Rs. 5.46 billion, while net foreign direct investment (FDI) remained positive at Rs. 8.16 billion.

In the same period of the previous year, capital transfer amounted to Rs. 7.35 billion, and net FDI was Rs. 4.65 billion.

Consumer price inflation moderated to 4.17 percent in mid-June 2024, down from 6.83 percent a year ago.

Inflation in the food and beverage category stood at 5.76 percent, while non-food and service category inflation was 2.94 percent in the review month.

During the review period, the total trade deficit decreased by 1.7 percent to Rs. 1314.44 billion, compared to a 15.2 percent decrease in the corresponding period of the previous year.

The export-import ratio decreased to 9.6 percent, down from 9.7 percent in the corresponding period of the previous year.

This decline was due to a 3.0 percent decrease in merchandise exports to Rs. 139.26 billion, compared to a 22.7 percent decrease in the same period of the previous year.

Exports to India decreased by 4.5 percent, while exports to China increased by 57.7 percent.

Exports to other countries decreased by 1.7 percent. Exports of zinc sheet, particle board, juice, readymade garments, and oil cakes increased, while exports of palm oil, soybean oil, woolen carpets, bran, and tea decreased.

Total government revenue mobilization (including amounts to be transferred to provincial and local governments) stood at Rs. 919.19 billion, recording a growth of 9.8 percent, in contrast to a decrease of 11.2 percent in the same period of the previous fiscal year.

Tax revenue amounted to Rs. 829.04 billion, and non-tax revenue was Rs. 90.15 billion during the review period.

According to the Ministry of Finance’s Financial Comptroller General Office (FCGO), the total government expenditure stood at Rs. 1181.30 billion during the eleven months of 2023/24.

Compared to a growth of 13.6 percent in the previous fiscal year, government expenditure increased by 0.4 percent in the review period.

Recurrent expenditure, capital expenditure, and financial expenditure amounted to Rs. 822.81 billion, Rs. 134.98 billion, and Rs. 223.51 billion, respectively, in the review period.

Meanwhile, remittance inflows increased by 19.3 percent to Rs. 1327.51 billion during the review period, compared to an increase of 22.7 percent in the same period of the previous year.

In US dollar terms, remittance inflows increased by 17.3 percent to $9.98 billion, compared to an increase of 13.0 percent in the same period of the previous year.

Publish Date : 11 July 2024 08:57 AM

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