KATHMANDU, April 11: The Nepal Rastra Bank (NRB) has released the Current Macroeconomic and Financial Situation Report of Nepal based on the data of the last eight months.
The report unveiled by the central bank today shows that some economic indicators are improving while some are deteriorating.
As per the report, the year-on-year consumer price inflation stood at 7.44 percent in mid-March 2023 compared to 7.14 percent a year ago. It may be noted that in the current fiscal year, the government has a target of limiting the inflation below 7 percent.
Food and beverage inflation stood at 5.64 percent whereas non-food and service inflation rose to 8.87 percent in the review month. Likewise, remittances increased by 25.3 percent in NPR terms and 14.8 percent in USD terms while the Balance of Payments remained at a surplus of Rs.148.11 billion.
Gross foreign exchange reserves stood at NPR 1401.21 billion and 10.69 billion in USD terms, the report highlights. The Federal Government’s expenditure amounted to Rs 779.23 billion and revenue collection was Rs 582.77 billion.
Deposits at BFIs increased 5.5 percent and private sector credit increased 4.6 percent. On a y-o-y basis, deposits increased 10.5 percent and private sector credit increased 3.1 percent.
Similarly, till mid-March, imports decreased by 19.1 percent, exports decreased 29.1 percent and trade deficit decreased 17.9 percent.
(RSS)
