Forex reserves up

Gross foreign exchange reserves increased by 3.2 per cent to Rs 453.61 billion in mid-March from a level of Rs 439.46 billion as of mid-July 2012, according to the central bank.
"Such reserves had increased by 35.3 per cent to Rs 368.10 billion in the same period of last fiscal year," it said, adding that out of the total reserves, Nepal Rastra Bank (NRB)'s reserves declined by 0.8 per cent to Rs 372.33 billion from a level of Rs 375.52 billion as of mid-July 2012. "The gross foreign exchange reserves in US dollar terms increased by 5.4 per cent to $5.23 billion in mid-March. The reserves had increased by 20.6 per cent in the same period of last fiscal year."
Likewise, in the first eight months of the current fiscal year 2012-13, the reserves in terms of inconvertible foreign exchange increased by 1.4 per cent to IRs 61.25 billion. "Such reserves had increased by 64.6 per cent during the same period of the previous year," NRB said, adding that on the basis of the trend of imports during the first eight months of the current fiscal year, the current level of reserves is sufficient for financing merchandise imports for 10.2 months and merchandise and service imports for 8.8 months.