Based on imports up to 10 months of the fiscal year 2082/83, the foreign exchange reserves of the banking sector are sufficient to cover 22.6 months of goods imports and 19.2 months of goods and services imports, the National Bank claims.
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As of last Baisakh, foreign exchange reserves have reached Rs 374.55 billion. This is an increase of Rs 102.6 billion or 38.3 percent compared to last Ashar. In mid-Ashar, 2082, the total foreign exchange reserves were Rs 267.7 billion.
‘Such reserves in US dollars increased by 24.0 percent to Rs 24.19 billion in mid-Baisakh, 2083, from Rs 19.5 billion in mid-Ashar, 2082,’ the monthly report of the Nepal Rastra Bank said.
Based on imports up to 10 months of the fiscal year 2082/83, the foreign exchange reserves held by the banking sector are sufficient to cover 22.6 months of goods imports and 19.2 months of goods and services imports, the Nepal Rastra Bank claims. The target of the Nepal Rastra Bank was to maintain foreign exchange reserves sufficient to cover at least 7 months of imports this year.
The ratio of foreign exchange reserves to gross domestic product (GDP) as of mid-April 2083 is 60.7 percent.
Of the total foreign exchange reserves, the reserves held by Nepal Rastra Bank increased by 36.6 percent to 3298.38 billion as of mid-April 2083 from 2414.64 billion as of mid-April 2082.
The foreign exchange reserves held by banks and financial institutions (excluding Nepal Rastra Bank) increased by 54.4 percent to 406.17 billion as of mid-April 2083. The share of Indian currency in the total foreign exchange reserves as of mid-April 2083 is 20.6 percent.
