Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: Gross foreign exchange reserves has continued to decline adding pressure to the economy. As per Nepal Rastra Bank (NRB), the such reserve decreased by 13.1 percent to Rs.1215.80 billion in mid-July 2022 from Rs.1399.03 billion in mid-July 2021.
In the US dollar terms, the gross foreign exchange reserves decreased 18.9 percent to 9.54 billion in mid-July 2022 from 11.75 billion in mid-July 2021.
Similarly, the Balance of Payments (BoP) remained at a deficit of Rs.255.26 billion in the review year against a surplus of Rs.1.23 billion in the previous year. Likewise, the current account remained at a deficit of Rs.623.33 billion during 2021/22 compared to a deficit of Rs.333.67 billion in the previous year.
Meanwhile, total trade deficit increased 23.0 percent to Rs.1720.42 billion in the review year. Such a deficit had increased 27.3 percent in the previous year. The export-import ratio increased to 10.4 percent in the review period from 9.2 percent in the previous year.
During 2021/22, merchandise exports increased 41.7 percent to Rs.200.03 billion compared to an increase of 44.4 percent in the previous year. In the review year, merchandise imports increased 24.7 percent to Rs.1920.45 billion compared to an increase of 28.7 percent a year ago.
The y-o-y consumer price inflation stood at 8.08 percent in mid-July 2022 compared to 4.19 percent a year ago.
Remittance inflows increased 4.8 percent to Rs.1007.31 billion during 2021/22 compared to 9.8 percent in the previous year.
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