Parts of India's neighbourhood are in turmoil. While Pakistan is facing a political crisis in the west, Nepal in the north is going south financially, mirroring Sri Lanka in some ways.
After Sri Lanka, another Indian neighbour Nepal is facing serious foreign exchange issues, leading to the suspension of the Central Bank Governor Maha Prasad Adhikari for not doing enough. In February this year, Nepal’s forex reserves had fallen 17 per cent to $9.75 billion, enough to sustain
The biggest challenge at hand for the Nepalese government is the proper management of forex reserves, said Nepal Rastra Bank (NRB) spokesperson Gunakar Bhatta.
In a rare move, the Nepal government has suspended the country’s Central Bank Governor Maha Prasad Adhikari over disagreements with Finance Minister Janardhan Sharma and for not doing enough to pull the economy from doldrums. Adhikari, the Nepal Rastra Bank (NRB) Governor, was suspended on Friday after the government formed a panel headed by former Supreme Court judge