Nepal's Foreign Exchange Reserves Surge, Supports Imports

Nepal's foreign exchange reserves have increased by 6.7 percent in three months.

According to the financial report of the first three months of the current fiscal year published by Nepal Rastra Bank (NRB), the foreign exchange reserves which were equal to Rs 1.54 trillion till mid-July have increased to Rs 1.64 trillion till mid-October.

During that period, such reserves in US dollars increased by 5.3 percent to 12.33 billion dollars. The share of the Indian currency in total foreign exchange reserves is 22 percent.

Of the total foreign exchange reserves, the NRB has Rs 1.43 trillion, while other banks and financial institutions have Rs 297.3 billion.

According to the officials of the NRB, the current foreign exchange reserves will be enough to support 12.4 months of goods imports and 10.3 months of goods and services imports based on current imports.