Kathmandu — Nepal’s economic landscape sees a significant boost as the nation’s foreign exchange reserves witness a remarkable surge, reaching Rs 1.911 trillion as of mid-April 2024, according to recent data released by Nepal Rastra Bank (NRB).

This substantial increase marks a notable rise from Rs 1.53936 billion recorded in mid-July 2023, signifying a remarkable growth trajectory in the country’s financial stability.

In US dollar terms, the reserves experienced a commendable 22.7 percent uptick, reaching $14.36 billion in mid-April 2024, compared to $11.71 billion in mid-July 2023.

Notably, reserves directly managed by the NRB witnessed a robust growth of 25.4 percent, soaring to Rs 1.68821 trillion in mid-April 2024, from Rs 1.34578 trillion in the preceding July.

Furthermore, reserves maintained by other banks and financial institutions, excluding the NRB, also saw a healthy increase, rising by 15.5 percent to Rs 223.65 billion in mid-April 2024, up from Rs 193.59 billion in the previous July.

As of mid-April 2024, the Indian currency played a pivotal role, constituting 21.6 percent of Nepal’s total foreign exchange reserves, underscoring the close economic ties between the two nations.

This surge in foreign exchange reserves signifies a positive outlook for Nepal’s economy, bolstering investor confidence and paving the way for sustained growth and development in the region.