The Nepal Rastra Bank (NRB) on Monday published the Current Macroeconomic and Financial Situation Report for four months from mid-July to mid-November 2020.
According to the report, Nepal’s gross foreign exchange reserves reached NPR 1506.06 billion in mid-November, an increase of 7.4% from NPR 1401.84 billion in mid-July 2020.
In terms of the US Dollar, the gross foreign exchange reserves increased 8.6% to USD 12.65 billion from USD 11.65 billion in the mentioned period.
|Reserves held in||Mid-July||Mid-November||% Change|
|NRB||NPR 1226.12 billion||NPR 1332.06 billion||Up by 8.6%|
|BFIs (except NRB)||NPR 175.71 billion||NPR 173.99 billion||Down by 1.0%|
As per the report, the forex adequacy indicators in mid-July and mid-November are as follows:
|Forex Adequacy Indicators||Mid-July||Mid-November|
Moreover, the foreign exchanges are sufficient to cover the prospective merchandise imports of 15.4 months and merchandise and services imports of 14.0 months.
As per the report, the remittance inflows increased 11.2% to NPR 337.72 billion in the review period against a decrease of 2.8% in the same period last year. In terms of the US Dollar, remittance inflows increased by 6.4% to 2.85 billion in the review period against a decrease of 1.9% in the same period last year.
The net transfer spiked 8.8% to NPR 373.04 billion in the review period against a decrease of 2.9% last year.
Meanwhile, the number of Nepali workers applying for foreign employment dropped 75.8% to 19251 in the review period against an increase of 5.6% last year. In the case of ‘Renew Entry,’ the number dropped 67.9% to 25931 in the review period against an increase of 9.1% last year.
|Category||Mid-July to Mid-November|
|Current Account||NPR 20.46 billion (Surplus)||NPR 34.12 billion (Deficit)|
|Capital Transfer||NPR 4.15 billion||NPR 4.57 billion|
|FDI||NPR 3.75 billion||NPR 4.92 billion|
|Balance of Payments (BOP)||NPR 110.65 billion||NPR 27.29 billion|
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