Overall economy not in tailspin: NRB

At a time when news reports have come, warning of economic slump in the country, the central bank of the country, Nepal Rastra Bank (NRB) has said overall economic status of the country was not in tailspin.

At a programme organized by Reporters' Club in the federal capital on Thursday, Executive Director and Spokesperson at NRB Gunakar Bhatta viewed although the economy witnessed some stress due to liquidity and inflation, the pillars of economy were still strong. He admitted that Nepal's economy had the impacts of Russia-Ukraine war. It affected our supply system, he added.

Bhatta further informed that although the foreign exchange reserve was slightly lower than the corresponding period of the last fiscal year, there was no need to panic at all. As the COVID-19 impact is subsiding, positive changes would be seen in economy, Bhatta claimed.

The government has tightened the import of luxury goods. "Currently, we have the reserve that suffices the import of goods and services for six and half months," he said.