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

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.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Lawrence Wong's leadership amid COVID-19 pandemic helped elevate him to top post: ObserversSINGAPORE: Finance Minister Lawrence Wong\u0027s leadership amid the COVID-19 pandemic helped to cement his position as the leader of Singapore\u0027s fourth-generation (4G) team, political observers told CNA on Thursday (Apr 14). Earlier in the evening, Prime Minister Lee Hsien Loong announced that Mr Wong had been
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »