Nepal’s Forex Reserves At Record Low – What's Behind The Crisis?

Uploaded by Ramona Grant on April 15, 2022 at 8:10 am

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Nepal’s Foreign Exchange Reserves have plummeted by 18.5% as per its central bank, Nepal Rastra Bank Report of 12 April 2022. The reasons for this are loss in tourism because of covid, the decline in foreign remittances, the Russia- Ukraine war, and internal inflation of 7.1%. The situation is projected to get worse like Sri Lanka as Nepal is going to hold local and general elections in May and End of the Year respectively in 2022. 10 Billion Nepali rupees will be diverted for this election.

The Nepal government has sacked the head of its central bank for reasons of leaking sensitive information and not doing his duty. Also, it has decided to support Nepal Oil Corporation which buys oil from Indian Oil Corporation and has banned certain imports like textile, electronics, and vehicles.

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