KATHMANDU: Nepal should engage in monetary tightening including rate hikes to contain dwindling forex reserves, without resorting to import curbs that could push up prices and hamper economic growth, a senior International Monetary Fund official said.
Nepal, a landlocked country between China and India, has banned luxury goods imports until mid-July to rein in capital outflows as foreign exchange reserves fell over 18 per cent to US$9.6 billion as of mid-March from mid-July - enough to last around six months. However, a prudent budget, as suggested under its financial support programme, along with monetary tightening would help address the inflationary pressures and growing economic imbalances, the statement said.
The IMF team praised the Nepal government's recent steps to tackle external pressures by gradually exiting from COVID-related expansionary monetary policy and said forex reserves were adequate for now.
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