In a welcome development for Nepal's economy, the trade deficit has declined by 15.45 percent, reaching Rs 1.454 trillion in the fiscal year 2022/23. This significant drop is largely attributed to the government's measures to check imports, responding to concerns over depleting foreign currency reserves and a fall in people's income due to the recession. While this reduction in the trade deficit is undoubtedly a positive step, it is essential to recognize that there is still a long way to go before achieving a sustainable balance in trade.

KATHMANDU, May 29: The tourism sector, which has shrunk due to Covid-19 pandemic, is gradually improving. With the increase in foreign tourist arrivals, the foreign currency earnings from tourists has also increased significantly.

KATHMANDU, Feb 7: The net inflow of foreign currency doubled in the past one month period between mid-December and mid-January, mainly due to a rise in remittance earnings and net transfer amid slowdown in current account deficit.

KATHMANDU, July 25: A large amount of Nepali currency has gone out of the country in a period of one year only for the import of petroleum products due to the increasing inflation and consumption.

KATHMANDU, April 30: Internet service provider companies have warned that the country’s internet service could be disrupted from next week as they are unable to receive adequate foreign currencies to pay for the bandwidth purchase.

LONDON, April 30: The Gurkhas have objected to the loss of millions of rupees to Nepal as the pensions of the former Gurkhas in the UK are still being deposited in the Reserve Bank of India.

KATHMANDU, March 11: Prime Minister Sher Bahadur Deuba has said the aspirations to bring about development in the country cannot be realized unless small and cottage industries are promoted and developed in the country.

KATHMANDU, Jan 30: Economists have asked the government to implement stern measures to check depleting foreign currency reserves amid worsening balance of payments (BoP).

KATHMANDU, Jan 25: The Department of Revenue Investigation (DRI) filed cases against four persons on the charge of misappropriation of foreign currency worth Rs 376.41 million at the Kathmandu District Court on Monday.

KATHMANDU, Jan 13: Nepal now has foreign currency reserves sufficient to import goods and services for 6.8 months, down from the adequacy for 7.2 month in mid-November, due to massive drain out of the foreign currencies from the country.

KATHMANDU, Sept 29: Nepal Rastra Bank (NRB) has started taking stern measures on the use of foreign currencies, citing the depleting foreign exchange reserve triggered by the worsening balance of payments (BoP) situation.

KATHMANDU, April 11: The inflow of remittance has begun to witness a sharp plunge. The tourism industry faces the biggest catastrophe in Nepal's recent history. And there is only a slim chance for the country's exports to grow any further.

KATHMANDU, March 31: The government has barred import of luxury vehicles and a number of expensive edibles to avoid possible fall in foreign currency reserve of the country as economic activities come to a halt due to COVID-19 outbreak.

KHARTOUM, Sept 7: Sudan’s toppled former leader Omar al-Bashir was the only person with a key to a room at the presidential palace holding millions of euros, his last office manager testified on Saturday.

KATHMANDU, April 6: Police have arrested five members of the same family with a huge amount of foreign currencies from the Tribhuvan International Airport, on Friday.

KATHMANDU, Nov 11: Nepal Rastra Bank (NRB) has relaxed a rule on the limit of fund that a Nepali commercial bank can borrow in convertible currency from foreign institutions.