Foreign Exchange up by 20.9 per cent to NPR 1470.33 billion turning BoP in surplus

By TRN Online, Kathmandu, June 9: Gross foreign exchange reserves increased by 20.9 per to Rs 1470.33 billion in mid-may 2023 from Rs 1215.80 billion recorded in mid-July 2022.

According to the Nepal Rastra Bank (NRB) report published on June 9, of the total foreign exchange reserves, reserves held by NRB increased 24.1 per cent to Rs 1310.66 billion in mid-May 2023 from Rs 1056.39 billion in mid-July 2022. Reserve held by banks and financial institutions (except NRB) increased 0.2 per cent to Rs 159.68 billion in mid-May 2023 from Rs 159.41 billion in mid-July 2022.

Similarly, remittance inflow increased 23.4 per cent to Rs 1005.18 billion in the review period compared to increase of 0.5 per cent in the same period of the previous year.

Along with rise in inflow of remittance which is ballooning up the foreigng exchange reserve, balance of payment (BoP) turned surplus of Rs 214.67 billion in the review period compared to a deficit of (Rs 288.50 billion) in the same period of the previous fiscal year (FY).