Gross foreign exchange increases to Rs 1696.78 billion

KATHMANDU, Dec 14: The gross foreign exchange reserve has increased 10.2 per cent to Rs 1696.78 billion.

A report from mid-July to mid-November of the current fiscal year released by the Nepal Rastra Bank today mentioned that the foreign exchange reserve reached Rs 1696.78 billion from Rs 1539.36 billion during the period. 

Of the total foreign exchange reserves, reserves held by the NRB have increased to Rs 1490.83 billion in mid-November from Rs 1345.78 billion in mid-July 2023.

Such reserves in the US dollar increased by 8.9 per cent and reached 12.75 billion in mid-November from 11.71 billion in mid-July. 

Similarly, reserves held by banks and financial institutions (except NRB) increased 6.4 percent to Rs.205.95 billion in mid-November 2023 from Rs.193.59 billion in mid-July 2023, reads the report. The share of Indian currency in total reserves stood at 21.8 percent in mid-November 2023.

Based on the imports of four months of 2023/24, the foreign exchange reserves of the banking sector are sufficient to cover the prospective merchandise imports of 13.6 months and merchandise and services imports of 11.3 months, according to the report.