Nepal saw a surge in the inflows of remittances and foreign exchange reserves between mid-April and mid-May, the central bank said on Tuesday. Remittances into the country stood at a record-high 1.2 billion U.S. dollars during the period, as against 845.8 million dollars during the same period of last year, the Nepal Rastra Bank said in a report.
It noted that during the first 10 months of the current 2024-25 fiscal year ending in mid-July, Nepal had received remittances worth 9.96 billion dollars, 10.5 percent higher year-on-year.Likewise, the forex reserves grew by 20.5 percent to 18.4 billion dollars by mid-May, up from 15.27 billion dollars by mid-July last year.” The foreign exchange reserves are sufficient to cover the prospective merchandise imports for 17.4 months and merchandise and services imports for 14.6 months,” the report noted. Xinhua
