Foreign Exchange Reserves Increases By Ten Percent

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Foreign Exchange Reserves Increases By Ten Percent

February 6: Nepal has witnessed improvement in foreign exchange reserves of late.

The current macroeconomic and financial situation published by the Nepal Rastra Bank on Monday shows that foreign exchange reserve increased by 10 per cent till mid-January 2023 compared to mid-July 2022.

As per the Nepal Rastra Bank report, foreign exchange reserve increased to Rs 1337.29 billion till mid-January 2023 from Rs 1215.80 billion in mid-July, 2022. In the US Dollar, foreign exchange reserve soared by eight percent to 10.30 billion till mid-January, 2023 from 9.54 billion in mid-July 2022.

Foreign exchange reserve held by Nepal Rastra Bank has also increased. The foreign exchange reserve went up to Rs 1183.37 billion till mid-January 2023 from Rs 1056.39 billion in mid-July 2022. 

However, foreign exchange reserves held by banks and financial institutions (except NRB) have fallen. Foreign exchange reserve shrunk by 3.4 percent from Rs 159.41 billion in mid-July 2022 to 153.91 billion till mid-January 2023.

Indian currency covers 23.6 per cent of the total foreign exchange reserves. The current foreign exchange reserve is adequate to import merchandise for 10.4 months and merchandise and services for 9.1 months, according to the Nepal Rastra Bank.

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