Nepal’s Foreign Currency Reserves Continues To Decline

Nepal’s Foreign Currency Reserves Continues To Decline

March 12, 2022, 8:14 a.m.

With soaring import and declining the remittances, Nepal’s foreign currency reserve continues to decline. According to a macroeconomic and financial report published by Nepal Rastra Bank (NRB) Friday, gross foreign exchange reserves decreased by 16.2 per cent to Rs.1173.02 billion in mid-February 2022 from Rs.1399.03 billion in mid-July 2021.

In the US dollar terms, the gross foreign exchange reserves decreased by 17 per cent to 9.75 billion in mid-February 2022 from 11.75 billion in mid-July 2021.

Of the total foreign exchange reserves, reserves held by NRB decreased by 17.7 per cent to Rs.1024.60 billion in mid-February 2022 from Rs.1244.63 billion in mid-July 2021.

The report also said that the consumer price inflation has increased significantly in the first seven months of the current fiscal year.

The y-o-y consumer price inflation stood at 5.97 per cent in the seventh month of the current fiscal year 2021/22 compared to 2.70 per cent a year ago.

Meanwhile, balance of Payments (BOP) remained at a deficit of Rs. 247.03 billion in the review period against a surplus of Rs. 97.36 billion in the same period of the previous year.

In the US dollar terms, the BoP remained at a deficit of 2.07 billion in the review period against a surplus of 817.6 million in the same period of the previous year reports The Rising Nepal.

More on Economy

The Latest

Latest Magazine

VOL. 17, No. 08, December.01,2023 (Mangishr,15. 2080) Publisher and Editor: Keshab Prasad Poudel Online Register Number: DOI 584/074-75

VOL. 17, No. 07, November.10,2023 (Kartika,24. 2080) Publisher and Editor: Keshab Prasad Poudel Online Register Number: DOI 584/074-75

VOL. 17, No. 06, October.13,2023 (Ashoj,26. 2080) Publisher and Editor: Keshab Prasad Poudel Online Register Number: DOI 584/074-75

VOL. 17, No. 05, September.29,2023 (Ashoj,12. 2080) Publisher and Editor: Keshab Prasad Poudel Online Register Number: DOI 584/074-75