Nepal’s foreign exchange reserves surge to Rs 1.911 trillion

Kathmandu: Nepal’s economic landscape witnesses a significant uptick as the nation’s foreign exchange reserves witness a remarkable surge. According to the latest figures released by the Nepal Rastra Bank (NRB), as of mid-April 2024, the total foreign exchange reserves have ballooned by 24.2 percent, reaching a staggering NPR 1.911 trillion.

This notable increase marks a substantial rise from the recorded NPR 1.53936 billion in mid-July 2023, showcasing the resilience and growth of Nepal’s economic standing on the global stage.

Measured in US dollars, the reserves depict a robust growth trajectory, surging by 22.7 percent to $14.36 billion in mid-April 2024, compared to $11.71 billion in mid-July 2023.

The reserves directly managed by the NRB have experienced a commendable ascent, growing by 25.4 percent and reaching NPR 1.68821 trillion in mid-April 2024, a notable increase from NPR 1.34578 trillion in mid-July 2023.

Moreover, reserves maintained by other banks and financial institutions, excluding the NRB, have also witnessed a substantial rise, soaring by 15.5 percent to NPR 223.65 billion in mid-April 2024, compared to NPR 193.59 billion in the previous July.

Notably, as of mid-April 2024, the Indian currency constitutes 21.6 percent of Nepal’s total foreign exchange reserves, underscoring the bilateral economic ties between the two nations and the strategic importance of the Indian currency in Nepal’s economic ecosystem.