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Country’s foreign exchange reserve down by Rs 2 billion in a month

foreign exchange reserve Money-economic crisis-dollas-euro
Photo by Ibrahim Boran on Unsplash

Kathmandu, May 12

Despite the government putting a restriction on the import of certain items, Nepal’s foreign exchange reserve continues to take a hit.

Between March 14 and April 14, Nepal’s foreign exchange reserve went down by Rs 2.08 billion.

According to Nepal Rastra Bank, the country’s foreign exchange reserve which was Rs 1.170 trillion in February has gone down to Rs 1.168 trillion in the past month.

Even though the central bank says things are getting better, due to global inflation, Nepal’s foreign exchange reserve is taking a hit, concerning economists in the country.

During the first nine months of the current fiscal year (mid-July 2021-mid-April 2022), Nepal’s total import bill stood at Rs1466.66 billion with a rise of 31.97 per cent year-on-year.

The available reserves are sufficient to sustain imports of goods and services for just 7.4 months.

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