Kathmandu. The foreign exchange reserves in Nepal have increased significantly till mid-April of the current fiscal year 2082/83.

According to the latest economic and financial situation report released by Nepal Rastra Bank, the foreign exchange reserve has increased by 38.3 percent to reach Rs 3.704 billion.

According to the Nepal Rastra Bank, the foreign exchange reserves stood at Rs 2,677.68 billion as of mid-July 2082. Such reserves were Rs 19.5 billion in US dollars as of mid-July 2022. It has increased by 24 percent to Rs 24.19 billion in mid-April 2018.

Out of the total foreign exchange reserves, the reserve of Nepal Rastra Bank (NRB) increased by 36.6 per cent to Rs 3,298.38 billion as of mid-July 2082 from Rs 2,414.64 billion in mid-July 2082.

The foreign exchange reserves with the banks and financial institutions (excluding Nepal Rastra Bank) increased by 54.4 percent to Rs 406.17 billion as of mid-July 2022 from Rs 263.04 billion in mid-July 2082. The share of Indian currency in the total foreign exchange reserves stood at 20.6 percent as of mid-April 2008.

Based on the imports up to 10 months of the fiscal year 2082/83, the foreign exchange reserve with the banking sector is sufficient to sustain the import of goods for 22.6 months and goods and services for 19.2 months.

As of mid-April 2008, the ratio of foreign exchange reserves to Gross Domestic Product (GDP), total import and broader currency supply stood at 60.7 percent, 159.7 percent and 43.3 percent respectively. Such ratios were 43.8 percent, 128.1 percent and 34.1 percent respectively in mid-July 2018.