Nepal seeks overseas nationals’ help to build up forex reserves amid economic woes | Malay Mail

16/4/2022 5:03:00 PM

Nepal seeks overseas nationals’ help to build up forex reserves amid economic woes | Malay Mail

Nepali Workers, Nepal Economy

Nepal seeks overseas nationals’ help to build up forex reserves amid economic woes | Malay Mail

KATHMANDU, April 16 — Nepal is asking citizens living abroad to deposit funds in domestic banks as part of efforts to ensure the financial system has enough liquidity and to preserve foreign exchange reserves, finance minister Janardan Sharma said today. Speaking to Reuters, he denied Nepal was...

Saturday, 16 Apr 2022 09:21 PM MYTKATHMANDU, April 16 — Nepal is asking citizens living abroad to deposit funds in domestic banks as part of efforts to ensure the financial system has enough liquidity and to preserve foreign exchange reserves, finance minister Janardan Sharma said today.

Speaking to Reuters, he denied Nepal was facing an economic crisis despite the impact of soaring commodity prices as the tourist industry, a key source of revenues, struggles to recover after the Covid-19 pandemic.Nepal, wedged between China and India, this month imposed curbs on luxury goods imports to rein in capital outflows. Foreign exchange reserves fell over 18 per cent to US$9.6 billion (RM40 billion) as of mid-March from mid-July — enough for around six months imports.

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Nepal seeks overseas nationals’ help to build up forex reserves amid economic woes Saturday, 16 Apr 2022 09:21 PM MYT KATHMANDU, April 16 — Nepal is asking citizens living abroad to deposit funds in domestic banks as part of efforts to ensure the financial system has enough liquidity and to preserve foreign exchange reserves, finance minister Janardan Sharma said today.Telegram channel for the latest updates.Telegram channel for the latest updates.Telegram channel for the latest updates.

Speaking to Reuters, he denied Nepal was facing an economic crisis despite the impact of soaring commodity prices as the tourist industry, a key source of revenues, struggles to recover after the Covid-19 pandemic. Nepal, wedged between China and India, this month imposed curbs on luxury goods imports to rein in capital outflows. The ECB has been reducing the pace of money-printing for months but has only outlined a loose schedule to roll back support, emphasising flexibility as the conflict in Ukraine and sky-high energy prices could suddenly change the outlook. Foreign exchange reserves fell over 18 per cent to US$9.9 billion (RM8 billion) to its reserves in the quarter to prepare for losses from direct exposures in Russia and the economic impact of the Ukraine war.6 billion (RM40 billion) as of mid-March from mid-July — enough for around six months imports. Interest rates will, however, only go up “some time” after the end of bond buys and they will be gradual, the ECB added. By depositing their savings in Nepal, overseas Nepalis would continue to “maintain their link as well as benefit from 6 to 7 per cent interest” offered by Nepali banks, Sharma said. He criticised European countries for moves to stop using Russian energy, saying they “constantly talk about stopping using Russian supplies, thereby further destabilising the market and by their own actions pushing up prices, primarily for their own citizens.

Sharma said the economy did not face a crisis and Nepal’s situation could not be compared with Sri Lanka. The volume of bond buys in the third quarter, will be determined later. The bank said it had reduced its exposure to Russia to US$7. That South Asian country is facing its worst economic crisis in decades and anti-government protests. In Nepal, remittances by overseas workers, which constitute nearly a quarter of the economy and are crucial for external payments, fell 3. In the past two days alone, the central banks of Canada, South Korea and New Zealand have all increased the cost of borrowing.0 per cent to US$5. If the conflict follows a severely adverse scenario, it would now lose no more than US$3 billion, down from the nearly US$5 billion estimated last month.3 billion between mid-July to mid-March, compared with a 5 per cent increase in the same period a year earlier. “Any adjustments to the key ECB interest rates will take place some time after the end of the Governing Council’s net purchases under the APP and will be gradual,” the ECB added.

Earnings from tourism, which fell sharply after the start of the pandemic in 2020, are slowly picking up, but remain well below pre-Covid levels. Sharma said if 100,000 Nepali nationals living abroad deposited US$10,000 each in Nepali banks it could go a long way to help Nepal overcome the current liquidity constrains. But inflation has unexpectedly shot up in recent months, leaving policymakers in a dilemma as they try to reconcile two opposing economic forces.02 per share, for the quarter to March 31, from US$7. Nepal has also decided to accept US$659 million in aid from the United States and about US$150 million in soft loan from the World Bank, Sharma said. “The money to be received from the United States over five years is a (non-refundable) grant,” he said.5 per cent, with further increases expected. — Reuters You May Also Like . Analysts on average had expected a profit of US$1.