Foreign Exchange Reserve

Reserves typically include foreign currency deposits and securities (mainly in US dollars, euros and other major currencies), monetary gold, Special Drawing Rights (SDRs) allocated by the IMF and the reserve position in the IMF.

Purposes:

• Paying for imports and servicing external debt.
• Maintaining confidence in the currency and supporting the exchange rate system, particularly a peg.
• Providing a buffer against shocks such as a fall in remittances or export earnings.

Adequacy is commonly measured as the number of months of imports that reserves can finance; other measures compare reserves with short-term external debt or broad money. A central bank's monetary policy often sets a target to keep reserves sufficient for a minimum number of months of imports of goods and services.

In Nepal, gross foreign exchange reserves are held by NRB and by banks and financial institutions. Reserves depend heavily on remittance inflows and import demand. NRB invests reserves according to its investment policy, balancing safety, liquidity and return, and publishes reserve levels and months of import coverage in its macroeconomic reports. Indian currency reserves are needed for trade with India under the peg.

NRB's monetary policy targets foreign exchange reserves sufficient to cover at least seven months of imports of goods and services; Monetary Policy 2083/84 keeps the same goal. As of mid-June 2025 reserves covered 14.7 months of imports.

सञ्चितिमा विदेशी मुद्रा निक्षेप र ऋणपत्र (मुख्यतः अमेरिकी डलर, युरो), सुन, IMF ले बाँडेको विशेष निकासी अधिकार (SDR) र IMF मा रहेको सञ्चिति स्थिति पर्छन्।

उद्देश्य: आयात भुक्तानी र बाह्य ऋण सेवा, मुद्रामा विश्वास र विनिमय दर (विशेषगरी पेग) कायम राख्ने, विप्रेषण वा निर्यात घट्दा जस्ता झट्का धान्ने।

पर्याप्तता प्रायः सञ्चितिले कति महिनाको आयात धान्छ भनेर मापन गरिन्छ। मौद्रिक नीतिले प्रायः न्यूनतम महिनाको आयात धान्ने लक्ष्य तोक्छ।

नेपालमा कुल सञ्चिति नेपाल राष्ट्र बैंक र बैंक तथा वित्तीय संस्थाले राख्छन् र यो विप्रेषण आप्रवाह र आयात मागमा धेरै निर्भर छ। नेपाल राष्ट्र बैंकले सुरक्षा, तरलता र प्रतिफल सन्तुलन गरी सञ्चिति लगानी गर्छ।

राष्ट्र बैंकको मौद्रिक नीतिले कम्तीमा सात महिनाको वस्तु तथा सेवा आयात धान्न पुग्ने विदेशी विनिमय सञ्चिति कायम गर्ने लक्ष्य राख्छ; मौद्रिक नीति २०८३/८४ ले पनि यही लक्ष्य कायम राखेको छ। २०२५ जुन मध्यसम्ममा सञ्चितिले १४.७ महिनाको आयात धान्ने अवस्था थियो।