PM seeks contribution of private sector; foreign exchange reserves increased to Rs 1401.21 billion

Kathmandu, April 11: Prime Minister Pushpa Kamal Dahal ‘Prachanda’ has said that the government has sought more activeness and contribution from the private sector.

Speaking at the inauguration of the 57th Annual General Meeting of the Federation of Nepalese Chambers of Commerce and Industry (FNCCI) at Kathmandu, PM viewed that the nation can not achieve prosperity and the aim of sustainable development goal without a robust private sector.

He said that government is ready to take all sorts of improvement measures.

He further added he understands the problems of the private sector and has been holding a series of discussions to ideate for improving the problematic economy since assuming office.

Country has foreign exchange reserves of Rs 1401.21 billion: NRB

Though the foreign exchange reserves has increased in the country, the current account remained at a deficit of Rs 44.31 billion in the first eight months of the current fiscal year. During the same period in the last fiscal year, the current account was in a deficit of Rs 460.72 billion.

According to the current macroeconomic and financial situation of Nepal based on eight months’ data published by the Nepal Rastra Bank, the gross foreign exchange reserves increased 15.2 per cent to Rs 1401.21 billion in mid-March 2023 from Rs. 1215.80 billion in mid-July 2022.

Likewise, the Balance of Payments (BOP) remained at a surplus of Rs 148.11 billion in the review period compared to a deficit of Rs. 258.64 billion in the same period of the previous year, the central bank said.

Of the total foreign exchange reserves, reserves held by the central bank increased 17.8 per cent to Rs 1244.94 billion in mid-March 2023 from Rs 1056.39 billion in mid-July 2022.

The Nepal Rastra Bank said that the reserves held by banks and financial institutions decreased 2 per cent to Rs 156.27 billion in mid-March 2023.

Similarly, the NRB stated that the foreign exchange reserves of the banking sector is sufficient to cover the prospective imports of 10.9 months, and merchandise and services imports of 9.4 months. RSS