{"id":35032,"date":"2022-04-10T17:39:38","date_gmt":"2022-04-10T12:09:38","guid":{"rendered":"https:\/\/tradebrains.in\/features\/nepal-central-bank-governor-suspension\/"},"modified":"2022-04-10T17:50:18","modified_gmt":"2022-04-10T12:20:18","slug":"nepal-central-bank-governor-suspension","status":"publish","type":"post","link":"https:\/\/tradebrains.in\/features\/nepal-central-bank-governor-suspension\/","title":{"rendered":"Nepal suspends Central Bank Governor amid forex woes"},"content":{"rendered":"<div class=\"trade-content_2\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-1117800413\"><p><a href=\"https:\/\/tradebrains.in\/get\/telegram\/\"><img decoding=\"async\" class=\"alignnone wp-image-101992\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2023\/01\/telegram-channel-300x119.png\" alt=\"\" width=\"148\" height=\"59\" \/><\/a> <a href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN3Epgswxc--Aw?hl=en-IN&amp;gl=IN&amp;ceid=IN%3Aen\"><img decoding=\"async\" class=\"alignnone wp-image-123430\" src=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png\" alt=\"follow-on-google-news\" width=\"222\" height=\"61\" srcset=\"https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-300x82.png 300w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news-150x41.png 150w, https:\/\/tradebrains.in\/features\/wp-content\/uploads\/2024\/05\/follow-on-google-news.png 468w\" sizes=\"(max-width: 222px) 100vw, 222px\" \/><\/a><\/p>\n<\/div><p>Kathmandu, Apr 10 (PTI) In a rare move, the Nepal government has suspended the country\u2019s Central Bank Governor Maha Prasad Adhikari over disagreements with Finance Minister Janardhan Sharma and for not doing enough to pull the economy from doldrums.<\/p><div class=\"trade-content_7\" style=\"margin-left: auto;margin-right: auto;text-align: center;\" id=\"trade-2292754023\"><!-- Composite Start --> \r\n <div id=\"M923760ScriptRootC1549812\"> \r\n <\/div> \r\n <script src=\"https:\/\/jsc.mgid.com\/t\/r\/tradebrains.in.1549812.js\" async> \r\n <\/script> \r\n <!-- Composite End --><\/div>\n<p> Adhikari, the Nepal Rastra Bank (NRB) Governor, was suspended on Friday after the government formed a panel headed by former Supreme Court judge Purushottam Bhandari, the Kathmandu Post newspaper reported.  \tAdhikari was appointed as Nepal\u2019s 17th governor on April 6, 2020 under the previous regime headed by former Prime Minister KP Sharma Oli.<\/p>\n<p> This is only the second instance that a sitting governor, who enjoys a five-year tenure, was suspended.<\/p>\n<p> According to sources, differences had emerged between Adhikari and Sharma in the wake of the dwindling forex reserves and the current state of Nepal\u2019s economy.<\/p><div class=\"trade-content_5\" id=\"trade-1367512218\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_2_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"7925020301\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Last week, the NRB announced a ban on the import of vehicles and other luxury items, citing liquidity crunch and declining foreign exchange reserves.<\/p>\n<p> Since July 2021, Nepal has seen a decline in forex reserves due to the surging imports, declining inflows of remittance and meagre earnings from tourism and exports.<\/p>\n<p> By February 2022, the Himalayan country\u2019s gross forex reserves had decreased 17 per cent to USD 9.75 billion from USD 11.75 billion in mid-July 2021, according to central bank figures.<\/p>\n<p> The forex reserves are now only enough to sustain the import of goods and services for 6.7 months, below the central bank&#8217;s target for at least seven months.<\/p>\n<p> Adhikari\u2019s performance featured high on the agenda during last week\u2019s Cabinet meeting.<\/p>\n<p> In that meeting, Maoist Centre chair Pushpa Kamal Dahal and CPN (Unified Socialist) chair Madhav Kumar Nepal, who are key coalition partners, had expressed \u201cserious concerns over the state of the economy and asked Prime Minister Sher Bahadur Deuba to take concrete steps,\u201d according to the Kathmandu Post newspaper.<\/p><div class=\"trade-content-10\" id=\"trade-3586509740\"><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-4023722985638610\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- in_content_3_news -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-4023722985638610\"\r\n     data-ad-slot=\"2969612066\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p> Deputy NRB Governor Nilam Dhungana Timilsina has been assigned the responsibility as the Acting Governor following Adhikari\u2019s suspension. PTI SBP VM  VM<\/p>\n<div class=\"trade-after-content\" id=\"trade-2190158959\"><div id=\"taboola-below-article-thumbnails\"><\/div>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({\r\n    mode: 'alternating-thumbnails-a',\r\n    container: 'taboola-below-article-thumbnails',\r\n    placement: 'Below Article Thumbnails',\r\n    target_type: 'mix'\r\n  });\r\n<\/script>\r\n<script type=\"text\/javascript\">\r\n  window._taboola = window._taboola || [];\r\n  _taboola.push({flush: true});\r\n<\/script><\/div>","protected":false},"excerpt":{"rendered":"<p>Kathmandu, Apr 10 (PTI) In a rare move, the Nepal government has suspended the country\u2019s 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 [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1697,31],"tags":[],"class_list":["post-35032","post","type-post","status-publish","format-standard","hentry","category-economy","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v20.5 (Yoast SEO v25.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nepal suspends Central Bank Governor amid forex woes - Trade Brains Features<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tradebrains.in\/features\/nepal-central-bank-governor-suspension\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nepal suspends Central Bank Governor amid forex woes\" \/>\n<meta property=\"og:description\" content=\"Kathmandu, Apr 10 (PTI) In a rare move, the Nepal government has suspended the country\u2019s Central Bank Governor Maha Prasad Adhikari over disagreements with Finance Minister Janardhan Sharma and for not doing enough to pull the economy from doldrums. 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