Foreign money reserve touches Rs 344 billion

Dec-27th-2011
KATHMANDU: Finance Minister Brasha Man Pun has said that foreign currency reserve has significantly increased in recent months. The national treasury has foreign

exchange worth Rs 344 billion today, he said in 14th anniversary of Society of Economic Journalists-Nepal.

The national treasury has Indian currency reserve around Rs 82 billion. The government has around Rs 325 billion reserve in mid-October.

“The government has achieved 19.36 per cent growth rate in revenue mobilisation in Mangsir (mid-November to mid-December). It will go ahead to 20 per cent in mid-January,” he said. He admitted that capital market and real estate has stagnated despite numbers of efforts.

“The government is doing homework to uplift the businesses,” he said adding that the government will bring new policy that empower real estate sector and helps to get loan repayment to banks.

Addressing to journalists, he said that the government will bring programmes to make Investment Year a grand success. The government has announced fiscal year 2012-13 as Investment Year. “The government shortly announces policies and programmes for Investment Year 2012-13 as Prime Minister Dr Baburam Bhattarai government has given economic agenda a top priority,” he said without elaborating the government priorities.

On the occasion, Minister for Commerce and Supply Lekhraj Bhatta warned further crisis of energy. “Increasing loadshedding is fuelling more demand of fuel and the state has failed to maintain supply,” he said adding that energy crisis has affected

industrial growth as well as people lives.

Nepal Rastra Bank’s governor Dr Yubraj Khatiwada showed happiness as deposits gradually increasing in banks and financial institutions. “Depositors in banks and finance companies have crossed 7.5 million. It showed banking sector is gaining trust from people,” he said. According to him, deposit

insurance introduced last year has secured around 13 per cent deposit so far.

Himalayan.