## Nepal: Real, Fiscal, Monetary, and External Sector Developments

## Source details

**Canonical URL:** [Nepal: Real, Fiscal, Monetary, and External Sector Developments](https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2003/_cr03360.pdf)

## Other formats

- [Markdown version](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2003/_cr03360.pdf.md)
- [Structured JSON version](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2003/_cr03360.pdf.json)

---

### Real GDP and Inflation
- Real GDP Growth (Annual percentage change)
  - Axis ticks shown: 10, 8, 6, 4, 2, 0, -2
  - Time span: 1997/98 through 2003 (labels: 1997/98, 1998, 1999, 2000, 2001, 2002, 2003)
- Consumer Price Inflation (12-month percent change)
  - CPI: Nepal; WPI: India
  - Axis ticks shown: 18, 16, 14, 12, 10, 8, 6, 4, 2, 0

### Government Finances and Fiscal Balance
- Government Finances (In percent of GDP)
  - Axis ticks shown: 24, 21, 18, 15, 12, 9, 6, 3, 0
  - Components displayed: Revenue and grants; Expenditure and net lending; Foreign financed; Domestically financed
- Fiscal Deficit (In percent of GDP)
  - Axis ticks shown: 7, 6, 5, 4, 3, 2, 1, 0

### Official Reserves and Government Debt
- Official Reserves (In billions of U.S. dollars)
  - Axis ticks shown: 1.4, 1.2, 1.0, 0.8, 0.6, 0.4, 0.2, 0.0
  - Reserves split shown: Convertible currencies; Indian rupees; Domestic; Foreign
- Government Debt (In percent of GDP)
  - Axis ticks shown: 90, 80, 70, 60, 50, 40, 30, 20, 10, 0

### Monetary Indicators
- Reserve money and Broad money
  - Reserve money (left scale); Broad money (left scale)
  - Money multiplier (right scale)
  - Time span: 1997/98 through 2003
- Interest Rates (In percent)
  - Series shown: 91-day T-bills, India; 91-day T-bills, Nepal; Short-term deposit rate; Lending rate
  - Axis ticks shown: 35, 30, 25, 20, 15, 10, 5, 0, -5
  - A separate small axis shows 3.3, 3.2, 3.1, 3.0, 2.9, 2.8, 2.7, 2.6, 2.5 (12-month percent change / ratio annotation)

### Nominal and Effective Exchange Rates
- Nominal Exchange Rates (Nepalese rupees/U.S. dollar)
  - NRB midrate; RBI reference rate 1/
  - Axis base/index: January 1998 = 100 (for nominal series)
- Effective Exchange Rates 2/
  - REER (based on relative CPI)
  - Note: "An increase indicates an appreciation."

Footnotes included in figures:
- 1/ Indian rupees per U.S. dollar reference rate at the official exchange rate of 1.6 Nrs per Indian rupee.
- 2/ An increase indicates an appreciation.

### Current Account, Trade, and Remittances
- Current Account (In millions of U.S. dollars)
  - Current account balance (excl. official transfers) (left scale)
  - Trade balance (right scale)
- Trade and Remittances (In millions of U.S. dollars)
  - Series shown: Exports; Remittances; Imports
- Axes/ticks illustrated for larger scales:
  - One axis with ticks: 200, 150, 100, 50, 0, -50, -100, -150, -200
  - Another axis with ticks: 1200, 900, 600, 300, 0, -300, -600, -900, -1200
  - A higher-scale axis with ticks: 2500, 2000, 1500, 1000, 500, 0 (repeated)

*Sources: Data provided by the Nepalese authorities; IMF, International Financial Statistics; and staff estimates.*

---


_Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2003/_cr03360.pdf_