Nepal's assets in foreign currency stood at an all-time high of $1,327.51 billion for the initial 11 months of fiscal year 2023/24.

NRB reports a 19.3% surge to $1,327.51 billion in total assets received by the country in the first 11 months of the fiscal year.

The country saw a massive inflow of $128.91 billion over a single month (from May 2024 to June 2024) of the fiscal year.

Converting to US dollars, there was a 17.3% increase to $9.98 billion in inflows from the same period last year, showing a 13.3% increase over the last year's figures.

During this period, 422,936 Nepali citizens were approved to work abroad for the first time, with an additional 262,705 were approved for renewing their existing work permits. In comparison, in the previous year, these figures were 459,415 and 260,262, respectively. The net inflow grew by 17.3% to $1,407.06 billion over the same period.

In terms of international trade, the current account surplus reached $200.39 billion, compared to a deficit of $79.53 billion in the same quarter last year.

In US dollars, the current account showed a surplus of $1.51 billion in this quarter, compared to a deficit of $612.2 million in the same quarter last year. The balance of payments (BOP) surplus for this quarter amounted to $425.67 billion, marking a significant increase from $224.9 billion in the same quarter last year.

The first 11 months of the fiscal year 2023/24 saw notable growth in the foreign currency reserves, remittance inflows, and balance of payments and current account figures.

According to the analysis of the current economic and financial status report, which covers the first 11 months of the current fiscal year, the nation's foreign currency holdings are poised to last over one and a half years.

The foreign currency reserves reached an all-time high of Rs. 1,967.19 billion during the first 11 months of the current fiscal year 2023/24. According to NRB, the gross foreign exchange reserves increased by 27.8 per cent to Rs. 1,967.19 billion in mid-June 2024 from Rs. 1,539.36 billion in mid-July 2023.

The foreign currency reserves grew by about Rs. 24.79 billion during a single month (mid-May 2024 to mid-June 2024). The foreign currency reserves stood at Rs. 1,942.4 billion in mid-May 2024.

In the US dollar terms, the gross foreign exchange reserves increased by 25.7 per cent to 14.72 billion in mid-June 2024 from 11.71 billion in mid-July 2023.

From the start of the current fiscal year, the country's foreign currency stockpiles have been setting new highs consistently over the last few months.

The sum of the foreign exchange funds up until the end of the first eleven months of this fiscal year can cover the importation of goods and services for about 1.5 years.

Out of the overall foreign exchange funds, the amount possessed by the NRB rose by 30.2 per cent, reaching Rs. 1752.77 billion by mid-June 2024, after beginning the year with Rs. 1345.78 billion.

The foreign exchange funds under the control of banks and financial entities outside of the NRB saw a 10.8 per cent increase, reaching Rs. 214.42 billion in mid-June 2024, compared to Rs. 193.59 billion by mid-July 2023.

At the halfway point of the year, the proportion of Indian currency within the total reserve funds was 22.3 per cent.

Looking at the imports from the first eleven months of 2023/24, the available foreign exchange funds in the banking sector can fully support the expected imports of merchandise and services for about 15.1 months.

The funds as a percentage of Gross Domestic Product (GDP), funds as a percentage of imports, and funds as a percentage of Monetary Monetary Instrument (M2) were 34.5 per cent, 105.2 per cent, and 29.2 per cent respectively by mid-June 2024. These figures were 28.8 per cent, 83 per cent, and 25 per cent by mid-July 2023.