The article below represents a preview only and is not meant for reuse or republishing.
Forex reserves fall below eight months of imports: Report
Click here to read full article from source
Kathmandu, Dec. 6 -- A ballooning current account deficit due to increasing imports and weakening exports has taken a toll on Nepal's vulnerable external sector with officials saying that the existing foreign currency reserves won't be able to sustain imports for longer than eight months.
The current reserve of $9.56 billion will only be enough to finance imports of merchandise goods and services for 7.9 months even though Nepal Rastra Bank regulations require it to maintain a reserve enough for at least 8 months, according recent statistics released by the central bank.
As other sources of foreign currency like exports, tourism and foreign direct investment are not significant, Nepal has to rely largely on migrant workers' remittance t...
To read the full article or to get the complete feed from this publication, please Contact Us