Suspension of Nepal Rastra Bank governor may put Nepal in IMF’s bad books Asia News Network (ANN) is the leading regional alliance of news titles striving to bring the region closer, through an active sharing of editorial content on happenings in the region.
Nepal has restricted imports of non-essential goods, including cars, cosmetics and gold, after its foreign currency reserves dropped, BBC reported.It comes as a fall in tourism spending and money sent home by Nepalis working abroad helped drive .
Nepal is tightening imports of vehicles, gold and cosmetics as its foreign exchange reserves have fallen, a central bank official said on Monday, after the government suspended the central bank governor and named his deputy the interim chief.
The Himalayan country’s foreign reserves have been hit by a slump in tourism in Asia during the COVID-19 pandemic, a problem that has also hit Sri Lanka, which is going through a crippling economic crisis due to a shortage of tourist revenue and other funds.
“Nepal Rastra Bank feels the country’s foreign exchange reserves are under pressure and something must be done to restrict