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Forex reserves at Rs. 2.25 trillion, sufficient for 15 months of imports


12 December 2024  

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KATHMANDU: Nepal’s foreign exchange reserves exceeded 2.25 trillion rupees by mid-November of the current fiscal year, according to statistics released by Nepal Rastra Bank on Thursday.

This marks a 10.5 percent increase compared to 2.04 trillion rupees recorded at the end of the last fiscal year in mid-July 2024.

The foreign exchange reserves held by Nepal Rastra Bank alone grew by 8.6 percent, increasing from 1.85 trillion rupees in mid-July to 2 trillion rupees by mid-November.

Similarly, reserves held by other banks and financial institutions rose by 28.4 percent, reaching 247.2 billion rupees from 192.55 billion rupees during the same period.

As of mid-November, 22 percent of the total foreign exchange reserves were in Indian currency. Based on the import trends of the first four months of the current fiscal year, the reserves are sufficient to cover 18 months of goods imports and 15.1 months of goods and services imports, according to the central bank.

The foreign exchange reserves as a percentage of GDP, total imports, and broad money supply stood at 39.5 percent, 126 percent, and 31.4 percent, respectively, by mid-November.

These ratios were 35.8 percent, 108.6 percent, and 29.3 percent, respectively, at the end of the last fiscal year.

Publish Date : 12 December 2024 18:28 PM

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