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Nepal seeks overseas nationals' help to build up forex reserves amid economic woes

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KATHMANDU: 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 finister Janardan Sharma said on Saturday (Apr 16). Speaking to Reuters, he denied Nepal was facing

KATHMANDU: 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 finister Janardan Sharma said on Saturday .

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 as of mid-March from mid-July - enough for around six months imports. . That South Asian country is facing its worst economic crisis in decades and anti-government protests.

Earnings from tourism, which fell sharply after the start of the pandemic in 2020, are slowly picking up, but remain well below pre COVID-19 levels.

Source: News Formal (newsformal.com)

 

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