Country sees 5.44 percent annual average inflation FY 2023/24

Kathmandu, August 18 - Country's annual average inflation stood at 5.44 percent last fiscal year.

The inflation remained within the expected ceiling.

According to the Current Macroeconomic and Financial Situation of Nepal (based on annual data) unveiled by the Rastra Bank today, last year, imports decreased by 1.2 percent and exports by 3 percent.

In the previous year, imports and decreased by 16.1 percent and 21.4 percent respectively.

Remittance inflows increased 16.5 percent to reach Rs.1445.32 billion. The increase was 23.2 percent in the previous year. In the US Dollar terms, remittance inflows increased by 14.5 percent to reach 10.86 billion in the review year compared to an increase of 13.9 percent in the previous year, according to the report.

Likewise, the balance of payments remained at a surplus of Rs.502.49 billion compared to a surplus of Rs.285.82 billion of previous year.

Gross foreign exchange reserves stood at USD 15.27 billion. This level of foreign exchange reserve is sufficient to cover the merchandise and services imports for 13 months, it is said.

Broad money (M2) expanded by 13.0 percent and deposits at Banks and Financial Institutions increased by 13.0 percent and private sector increased by 5.8 percent in the review year. Total deposits at BFIs stood at Rs.6452 billion and private sector credit amounted to Rs.5074 billion.