Nepal sees growth in remittances, forex reserves in past FY

KATHMANDU: Nepal recorded a growth in both foreign exchange reserves and remittances in the 2024-25 fiscal year, which ended in mid-July, the central bank said on Sunday.

The forex reserves increased by 27.7% to 19.5 billion US dollars, up from 15.26 billion dollars in 2023-24, the Nepal Rastra Bank said in a report.

Remittance inflows grew by 16.3% year-on-year to 12.64 billion dollars in 2024-25.

"Based on the 2024-25 fiscal year imports, the foreign exchange reserves are sufficient to cover the prospective merchandise imports for 18.2 months and merchandise and services imports for 15.4 months," noted the report.

By RSS/Xinhua