尼泊尔在2025-2026财年初保持宏观经济稳定

Core Insights - Nepal's macroeconomic stability has improved in the first four months of the fiscal year 2025/26, with low inflation rates [1] Economic Performance - Consumer prices increased by only 1.11% year-on-year as of mid-November 2025, significantly lower than the previous year's 5.60% [1] - Food prices decreased by 3.32%, contributing to an average inflation rate of 1.53% [1] External Sector - Exports surged by 77.5% year-on-year, reaching NPR 93.5 billion, while imports grew by 18.7% to NPR 609.45 billion [1] - The trade deficit widened to NPR 515.96 billion, but the export-to-import ratio improved to 15.3% [1] - Remittances increased by 31.4% year-on-year, totaling NPR 687.13 billion, leading to a current account surplus of NPR 279.65 billion and an overall balance of payments surplus of NPR 318.4 billion [1] - Foreign exchange reserves rose to NPR 3.06 trillion (approximately USD 21.52 billion), sufficient to cover 17.4 months of imports [1] Fiscal Performance - Government expenditure amounted to NPR 468.88 billion, with capital expenditure declining by 26.7% year-on-year [1] - Total revenue reached NPR 326.55 billion [1] Financial Sector - The financial system remains robust, with interest rates declining; however, capital expenditure and private sector credit are still insufficient [1]