Nepal’s foreign exchange reserves climb to Rs 2.273 trillion

The foreign exchange reserves of Nepal has increased to Rs 2.273 trillion as of mid-December, showing a notable improvement of 11.4 percent in the first five months of the current fiscal year.

According to the latest report of the Nepal Rastra Bank (NRB), the accumulated foreign reserves will be able to suffice imports to Nepal for around 14.6 months.

The Current Macroeconomic and Financial Situation Report published by the central bank on Friday shows that the foreign currency reserves, the foreign exchange reserves increased by 11.4 percent from Rs 2.041 trillion at the start of the current fiscal year to Rs 2.273 trillion at mid-December.

The foreign exchange reserves have increased by 25.9 percent annually, up from US $13.305 billion in mid-December 2023. As compared to the foreign exchange reserve of Rs 1.767 trillion in mid-December 2023, the reserves have improved by 28.6 percent in the current fiscal year.

The central bank’s report indicates that the existing foreign exchange reserves will be sufficient to cover the prospective goods imports for 17.6 months, and goods and services imports of 14.6 months.