Nepal’s Gross Foreign Exchange Reserve Surges by 14.8% to Rs 1767.04 Billion

In a positive economic development, Nepal’s Gross Foreign Exchange Reserve has seen a significant uptick, surging by 14.8% to reach Rs 1767.04 billion in mid-December 2023. This marks a substantial increase from Rs 1539.36 billion recorded in mid-July 2023, as revealed in the Nepal Rastra Bank’s (NRB) five-month report of the current fiscal year.

According to the NRB report released today, the foreign exchange reserve within the banking sector is robust, providing coverage for prospective merchandise imports for an impressive 14.1 months. This indicates a healthy buffer against external economic uncertainties.

The report further highlights that the foreign exchange reserve is not only substantial for merchandise imports but also covers both merchandise and service imports for a period of 11.8 months. This demonstrates a favorable economic position, ensuring stability and resilience in the face of potential challenges.