Nepal’s forex reserves surge to Rs 1.911 trillion

KATHMANDU, May 12: Nepal’s total foreign exchange reserves swelled by 24.2 percent to Rs 1.911 trillion as of mid-April 2024.

This latest update from Nepal Rastra Bank (NRB) marks a substantial rise from Rs 1.53936 billion in mid-July 2023.

Measured in US dollars, the reserves increased by 22.7 percent to $14.36 billion in mid-April 2024, up from $11.71 billion in mid-July 2023.

Reserves directly managed by the NRB grew by 25.4 percent, reaching Rs 1.68821 trillion in mid-April 2024, compared to Rs 1.34578 trillion in mid-July 2023.

Additionally, reserves maintained by other banks and financial institutions (excluding the NRB) rose by 15.5 percent to Rs 223.65 billion in mid-April 2024 from Rs 193.59 billion in the previous July.

As of mid-April 2024, the Indian currency accounted for 21.6 percent of Nepal’s total foreign exchange reserves.