June 9: Nepal's foreign exchange reserves have significantly surged. The economic and financial reported published by Nepal Rastra Bank on Friday states that the current fiscal year's foreign exchange reserves have increased by 20.9 percent until mid-May.

According to the central bank, the total foreign exchange reserves which stood at Rs 1215. 80 billion in mid-July 2022 increased by 14.6 percent and reached Rs 1470.33 billion till mid-May 2023.

In terms of US dollars, the foreign exchange reserves stood at USD 9.54 billion in mid-July 2022. However, the foreign exchange reserves increased by 17.6 percent and reached USD 11.21 billion till mid-May 2023.

Of the total foreign exchange reserves, reserves held by Nepal Rastra Bank increased by 24.1 percent from 1056.39 billion in mid-July 2022 and reached Rs 1310.66 billion till mid-May 2023.

Similarly, total reserves held by banks and financial institutions excluding Nepal Rastra Bank saw a marginal rise of 0.2 percent. The reserves that stood at Rs 159.41 billion in mid-July 2022 increased to Rs 159.68 billion till mid-May 2023.

The foreign exchange reserves are sufficient to import the goods for 11 months and both goods and services for 9.7 months, according to Nepal Rastra Bank.