Nepal’s gross foreign exchange reserves have increased to Rs 2.8 trillion as of mid-August, according to the latest data released by Nepal Rastra Bank. The reserves stood at Rs 2.67 trillion at the end of mid-July, marking a 4.8 percent rise within a month.
Of the total, reserves held by the central bank reached Rs 2.51 trillion in mid-August, up 4 percent from Rs 2.41 trillion in mid-July. Similarly, reserves with banks and financial institutions grew by 12 percent, rising to Rs 294.58 billion from Rs 263.04 billion during the same period.
Indian currency accounts for 23.4 percent of the total reserves. Based on the import trend of the first month of the current fiscal year 2082/83, the central bank said the existing reserves are sufficient to cover 20.4 months of goods imports and 16.6 months of goods and services imports.
The current account remained in surplus by Rs 78.14 billion during the review period. In the same period last year, the surplus had stood at Rs 33.08 billion. In US dollar terms, the current account surplus rose to $560 million this year compared to $250 million a year ago.
About the Author
