The foreign exchange reserves have crossed Rs.1696 billion mark after a gap of four months of the fiscal year 2023/24, the Nepal Rastra Bank has said.
According to the Current Macroeconomic and Financial Situation of Nepal published by the NRB, the gross foreign exchange reserves increased by 10.2 percent to Rs.1696.78 billion in mid-November 2023 from Rs.1539.36 billion in mid-July 2023.
In the US dollar terms, the gross foreign exchange reserves increased by 8.9 percent to 12.75 billion in mid- November 2023 from 11.71 billion in mid-July 2023. 27. Of the total foreign exchange reserves, reserves held by NRB increased 10.8 percent to Rs.1490.83 billion in mid-November 2023 from Rs.1345.78 billion in mid-July 2023.
Similarly, reserves held by banks and financial institutions (except NRB) increased by 6.4 percent to Rs. 205.95 billion in mid-November 2023 from Rs.193.59 billion in mid-July 2023. The share of Indian currency in total reserves stood at 21.8 percent in mid- November 2023.
Likewise, based on the imports of four months of 2023/24, the foreign exchange reserves of the banking sector is sufficient to cover the prospective merchandise imports of 13.6 months, and merchandise and services imports of 11.3 months.
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