Improving the External Economics Condition in the Country

Kathmandu : Central Bank has released details of the economics and financial status of the first three months current financial statements

According to public information the deposit collection of banks and financial institutions increased by over 2.8 percent. According to Central Bank the deposit collection of banks and financial institutions increased by 2.8 percent in the first three months of the current fiscal year 2023-024.

According to the financial report of the National Bank of India for the first three months the credit to the private sector has increased by 2.3 percent. On an annual point basis the growth rate of deposits is 14.9 percent and the growth rate of loans in the banking sector is 4.8 percent.

According to the Central Bank the total foreign exchange reserves are 16 trillion 43 billion 90 million 12 billion 33 billion US dollars. It is said that it increased by 6.7 percent. The foreign exchange reserves which were equal to 15 trillion 39 billion 36 crore rupees till the end of June increased to 16 trillion 43 billion 9 crore rupees till the end of October.

According to the financial report, 3 trillion 65 billion 34 million remittances have been received in the first 3 months, till October. Out of which 1 trillion 36 billion was received in October alone.

If we look at the figures of increase in remittances, this time compared to the last three months of the financial year, it has increased by 30 percent. In the same period of the previous year, the remittance inflow increased by 16.8 percent. According to Central Bank, there has been an improvement in the external sector due to the increasing rate of remittances and non-increasing imports. Goods worth 1 trillion 48 billion were imported in October. Imports have not increased due to the decrease in demand for consumer goods due to internal recession.

Goods worth 4 trillion 7 billion have been imported in three months of the current financial year. The government’s current account is in surplus for the third consecutive month. The current account, which had a deficit of 72 billion last June, reached a surplus of 59 billion in October. Post-research savings have reached 99.7 billion rupees.