Foreign exchange reserve increased by 26.2 per cent

Kathmandu / June 10 : Gross foreign exchange reserves increased by 26.2 per cent to Rs 1942.4 billion in mid-May 2024 from Rs 1539.36 billion in mid-July 2023.

According to Nepal Rastra Bank (NRB) data published today, in US dollar terms, the gross foreign exchange reserves increased 24.2 per cent to 14.54 billion in mid-May 2024 from 11.71 billion in mid-July 2023.

The data showed that of the total foreign exchange reserves, reserves held by NRB increased 28 per cent to Rs 1722.02 billion in mid-May 2024 from Rs 1345.78 billion in mid-July 2023.

The reserve held by banks and financial institutions increased 13.8 per cent to Rs 220.38 billion in mid-May 2024 from Rs 193.59 billion in mid-July 2023.

The share of Indian currency in total reserves stood at 22.1 per cent in mid-May 2024.

Foreign Exchange Adequacy Indicators

Based on the imports of ten months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 15.1 months, and merchandise and service imports of 12.6 months.